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I wouldn't say parody and satire are the same thing, although sometimes they can be combined. "The Soddit", "Bored of the Rings", "Barry Trotter", these are all straight parodies as they're based on a pre-existing work. Another example might be where French & Saunders take off famous films. A true satire is a comment on something in history or society, such as Kurt Vonnegut's novels or "Gulliver's Travels". Comedy shows such as The Day Today combine both - parodies of characters and TV formats with satirical comment.
Now, I find parody quite funny, but I also find it gets tiresome after a while, and I start to wonder why the writer or comedian could not come up with their own original material. For that reason I've been really wary of the Tolkien parodies, I suspect they would be kind of...unsatisfying, although I wouldn't say an absolute no to reading them.
When certain comedians take off LOTR it can be funny. I found the Avid Merrion sketches quite funny - although obviously not written by someone with real knowledge of the books or films. And I like the Orange cinema advert with Sean Astin. All in all, I think the best parodies are the briefest ones.
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