I like the Bakshi version too. Also it was one of the first DVDs I got. And as for the Rankin Bass RotK I still love it because it adhered to the Lord of the Nazgul not actually coming into the city and Gandalf standing right at the gate when it fell to Grond.
I watched it (on VHS!) the day before I saw PJ's version of Fellowship. I thought it was awful, and it had me very worried that the new movie would also be terrible. Let's face it, everybody had been saying for years that it was impossible to make a good movie of The Lord of the Rings.
My fears were put to rest in the opening minutes of Fellowship.
I thought Rankin-Bass had the right sensibilities for thier version of The Hobbit and was very glad when Bakshi tackled The Lord of the Rings. I was disappointed that Bakshi couldn't complete his work and also glad when Rankin-Bass put forth The Return of the King as an unofficial sequel to Bakshi's project, though it clearly strikes the wrong tone and the lesser animation leaves much to be desired. Nevertheless, I was glad it all was done at that time in the late Seventies as there was precious little else of its kind for a young gamer to enjoy. I think even the moderate success it saw stoked the fires for other fantasy material to be brought to television and film. I think the Jackson films are far superior, both technically and otherwise.
Bakshi's Lord of the Rings was one of the first DVDs I bought when I finally got a DVD player. I still watch it from time to time. There are definitely elements of it I like better than Jackson's LotR trilogy.