[Voralphion]

I think that the story is more realistic by the fact that there were no females in the fellowship. Remember that it was set in a place technologically similar to medievil England. Having a female in the fellowship would hinder it as women aren't as physically strong as men, something that is required to fight with swords.
In ME women did not for the most part fight in wars, possible exception the women of Haleth, and it would be seen as inaccurate in ME let alone inaccurate in the technological period it was set.
Attempting to apply modern thinking and politically correctness to a story written, let alone set in another place and time is pointless and if it were done would make for a less engaging story as it would be seen as inaccurate.
Also saying that the female characters did not have flaws is wrong as I think that Eowyn was one of the most flawed characters in the book, with her seeking death in battle at all costs.