I agree with those who suggested Savage Worlds. For rules light/tight, I think it would be a good fit. But the problem is, it is generic and would therefore require a little more prep, which you say you don't want to do.
I honestly think you may have to compromise on some of your points. I honestly can't think of a system that meets all those criteria. However, I am sure I am forgetting some systems.
If you are willing to compromise on THAC0, I would recommend playing 2nd edition, since it seems to meet a lot of your other needs. Plus it has a ton of setting material. I think Dragonlance or Grey Hawk would suit your style.
For good standar fantasy, you could check out the Rune Quest books (in terms of setting). HARN is also a a great source for setting material with standard fantasy.
Have you tried playing 3E with just the core books? It really is the splat books that brings in some of the weird stuff, and you aren't meant to allow all of the splat material into the game (you really need to consider the needs of the setting when allowing prestige classes, feats, and items from those books). I did this a while back, and the campaign felt more like traditional fantasy.
Also, if you want something in the style of Lord of the Rings, why not play Lord of the Rings. The ICE MERP game is a little rules heavy if I remember, however I believe they also released a toned down, basic edition at some point, and you may be able to find it somewhere on the net (If anyone can shed light on this that would be helpful as I am trying to track down the book myself---think it was released as a boxed set originally).