I rather like some things about the Bakshi version. In some ways, I like it a lot better than Jackson's. I agree with Nogrod that the Nazgul were much scarier in Bakshi's version. Sure, there were other things that didn't work - the Balrog wasn't great, for instance - but I don't see the movie as a total failure at all. The music was also quite good, though of course the same is certainly true for the Jackson trilogy.
But you're right - trailers have changed quite a bit in the past twenty-five years or so. Interestingly, I think very similar changes have taken place in the world of television commercials; in both cases, the new style could more or less be stated as "cram ten thousand shots (preferably from a moving/shaky camera) into the space of thirty seconds".
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