The bottom line is that if you like the source material, you should check out the other products and judge for yourself. One man's trash is another man's treasure, and so. That said, as a lifelong Tolkien nut, here's my 2 cents for what it's worth (about 2 cents).
1. Read the Hobbit, LOTR, and the Silmarillion. From there you can decide if you want to read any of the other stuff, although most of what comes later are attempts to expand on material mention in the publications above. The Hobbit is a different sort of read than the others- it's meant for kids, but it no less awesome for it.
2. LOTR Movies: The 4-hour extended versions are my preferred version. I love these movies, and the production values closely mirror Middle Earth as I imagined it reading the books as a kid and again multiple times as an adult. It is hard to overstate how much I love these movies, though never as much as the books themselves.
3. Hobbit movies: These, unfortunately, turned into a cash grab and introduced elements not even remotely seen in the book. Still, worth a watch, and even better, there are numerous fan edits out there that pare the material back down to what was in the original story, artfully cutting the extraneous stuff. Over use of CGI tends to bog this down.
5. Animated Hobbit (1970's Rankin and Bass version) and Ralph Bakshi's animated LOTR (circa 1978). Ambitious projects for their time, and beloved by those of us who grew up with them. Bakshi's version covers about half the LOTR trilogy, ending at Helm's Deep. He never made the other half, although there is a little-known animated version of The Return of the King that few know about and fewer have seen. Probably the best element from both of these was the musical score and songs from the animated version of the Hobbit. Bakshi's animation style involved rotoscoping, and some of the visual elements of his movie are both engaging and eerie to watch.
4. Rings of Power: Absolute trash. Don't go anywhere near it. Others will disagree, and that's fine. You can decide for yourself. However, I caution you against watching this before you read the Silmarillion, if Tolkien's creation interests you.
I have spoken.