L o t R
I loved the books as a child, but I feel that the movie will lose something if you aren't familiar with the story of the Hobbit first.
If you don't know how the Ring turned up in the first place, what sense is taking back going to make?
At least they are doing it in the proper 3 parts and not trying to condense it into one movie.........
LotR is amazing!
I was so impressed with the movie. Its JUST the way I pictured everything, except the hobbits, who I pictured as being less human, but the guys are small enough that I don't mind them looking as good as they do. The dumb one is terrific! (Took)
LOTR
The movie does explain how the ring came to be in Bilbo's hands so I think you don't really need to read 'The Hobbit' to understand the movie. My teenage son has never read the books and all his questions have been about what might happen in the next movies not about what happened before the Lord of the Rings begins.