I don't think that The Sil is depressing. Of course it is sad, tragic and moving, but there is also an element that Tolkien himself alluded to and, indeed, expanded upon: this was his concept of the "euchacatastrophe". Amidst all the tragedy and loss, there is a final hope that materialises: Earendil finds Valinor and the Valar and their people overcome (finally) the might of Morgoth - just as he seems destined to overrun all of Beleriand.
I can't remember the exact quote from LoTR but there is something about how "evil sometimes is good to have been".
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Master of Doom!!!
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