I actually watched the Bakshi cartoon around a week ago, and it really isn't that bad. Some things I found much better than in PJ's films, actually. For example the scene where they encounter the nazgūl in the Shire was really creepy. Also, I liked the way Bakshi and his crew had the daring to go on with their own artistic vision of the story, yet still remaining faithful to the original. The atmosphere was at times very strong, for example in the scene where the Rohirrim attack the orcs. I loved also the way things were given time.
There was of course much that I didn't like. Legolas' face was mostly ridiculous (though from a distance he actually looked much more convincing than Orlando Bloom), Boromir and Agagorn's clothes were horrid (Aragorn wouldn't have been so bad if he would have had trousers on...
), Saruman was wrong (he had no charisma to his voice and his character was reduced to a grumpy, evil old fellow) and Galadriel looked like a barbie doll or a Disney princess. Gollum was ugly, but on the other hand, though I love Andy Serkis' Gollum, I liked the idea that Gollum isn't at all cute.
And the balrog had wings!