I found Bored of the Rings very funny when I read it back in the day. Really good parody may have an element of affection in it and if you really love something you can laugh at its faults. Two of my favourite books are Mary Webb's Precious Bane and Stella Gibbons' Cold Comfort Farm which is a parody in part of Webb's work (though is a classic in it's own right). However there a lot of potboilers out there and as with anything that seeks merely to cash in on Tolkien's work, I tend not be overly impressed.
Having not read the one you refer to I can't say.
If you want a parody of the film I suggest trawling YouTube for the French and Saunders LOTR one..