I'm with Essex on this one. I saw the Bakshi cartoon in the cinema when it first came out and have very fond memories of it. Looking back, Red Indian Aragorn, Viking Boromir, Farmer Gimli and Clarence the cross-eyed Legolas are rather amusing. But, to my mind, Essex makes some strong points in its favour.
It's also worth bearing in mind that it was made in the late 1970s, when CGI technology was virtually unheard of. Film effects and animation techniques have moved on a long way since then.