I have read it 3-4 times and actually my mate Davethecop and I listened to the audiobook while we did our Texas roadtrip.
It's TRUE high fantasy, on the same plateau as the sagas & myths of old (The intimate study of which Tolkien based much of this milieu upon! )
In direct contrast is the homeliness and identifiable traits of the hobbits and dwarves of his more celebrated works. Ones that an audience can readily identify with.
The characters of the Silmarillion bestride the stage like unto gods (and some actually ARE) Whereas Bilbo, Frodo etc are much like us and as a Literary device the latter is much more successful.