If you don't pay attention in the movie or the book you will be absolutely lost. Watch them again, it is worth it. They are different from the books in a number of ways, but they hold true to the overall themes. The books are better, though. There are some times where the reading can drag on, and it is usually restricted to descriptions of them trudging on through the wilderness. It does cause you to feel the despair and weariness that the characters are experiencing to read those sections. At least after the fact you can appreciate those duller areas by reflecting on that.
It's funny that the first book wasn't peoples favorite. I actually enjoyed that one the most. I think it has to do with the fact that you are encountering the Black Riders for the first time and they are truly mystifying. The Mines of Moria are pretty cool too. I think one area people have much difficulty in is the various names and locations. As a previous poster mentioned, Tolkien was a linguist and these books were created largely to display the languages he had created. The Silmarillion, which is like a history of Middle-earth and the Elves, was the first book he started (and the last finished), and it chronicled who spoke these languages and why they had come to take the form he had given them.
If you like language and mythology, these are the books for you. When you approach them with an understanding that they are about more than just an adventure you will get more out of reading them. There is a lot of depth to the books, which is why it is considered "High Fantasy". Note all the books, films and games that have stolen ideas from Tolkien.
