Great post. My recent literature professor for twentieth century English literature actually talked about Tolkien for a little while during one class. He explained how Tolkien set about to create a mythology for his country and people. It's really a very interesting conception. Also, didn't Tolkien dislike the name of the second book as well?
Nec, I don't know how much you're into more modern fantasy literature, but I've recently read a series that definitely rivals Tolkien in its scope and magnitude. It's called The Prince of Nothing trilogy by R. Scott Bakker. There are definitely some obvious parallels to Tolkien in the story as well. Certain races Bakker created mimic Tolkien's races. For example, there's a race of mindless, swarming creatures that kill for pleasure (actually, in the story, they achieve sexual gratification from killing) called the Sranc; definitely inspired by Orcs. Also, there's an ancient race of beings that lived in the world before the coming of men called Nonmen (called so because the holy book of Men, The Chronicle of the Tusk, condemns them and calls them anathema to Men); definitely inspired by the Eldar. They also live much longer than men, like the Eldar. Anyway, if you ever have some free time, I think you would really appreciate the books. The trilogy has been completed, but there's still much of the story to come. Bakker is going to continue it in the upcoming Aspect-Emperor Trilogy.