RaggieRags: Funnily enough, I think the best LotR game of all time is Lego Lord of the Rings.
I don't know about "
best", but
Return of the King was a very decent action game.
That said, I agree that a Middle-Earth RPG would be fantastic if it was done right. It's a shame that
The Third Age was apparently a huge clunker, since I really like the idea of a turn-based RPG set in Middle-Earth.
Arkose: One of the big problems there is that Middle-earth's magic isn't marketable. Gandalf is one of the most powerful wizards of the era and even he doesn't use fireballs and lightning on a regular basis. Magic items are similarly rare and even Sting's glow enchantment is the exception rather than the rule (with most magical effects being invisible, e.g. the barrow-blades' Nazgûl damage bonus), and some legendary items are not enchanted.
You forgot to mention that the few wizards there are practically qualify as demi-gods, so it's not like a member of the mortal races could really become one.
So yeah, it's a very low magic setting. Honestly, though, I think that has its own appeal, since it makes it that much more, dare I say, magical when you do see anything of such nature. I think it could be made to work, you'd just have to completely prevent the players from being able to play a spellcaster and you'd have to make anything magical in nature extremely rare.