For my part, I prefer Silm. I just enjoy that style of story-telling a lot more, and I love many of the individual stories, especially those involving the sons of Feanor. I find Silm. interesting because it shows a very different side to the Elves than is seen in the Lord of the Rings - it 'humanises' them, which can be fun to see.
That said, I suppose that one of the joys of the Silmarillion is seeing how it inter-contects with the Lord of the Rings, and neither of them would be as good without the existance of the other.
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