I have the Silmarillion resting right next to my pillow. It's definitely a tough read and I haven't finished it so far but there are so many gems, so many little stories in there that make it worthwhile. If there was any other book to compare it to it would be the Bible.
edit: Hit and MC, that's worse than never having seen the first three Star Wars movies. Go rent the extended version of LotR, lock yourselves in a room and enjoy 12 hours of epicness.
I just have too many things to do in my personal time (reading mostly) to sit down and watch such a long series right now. I have the whole trilogy on blu ray though and I will definitely kick back and watch it one of these days.
I'm about half way through book 4 now on the Percy Jackson series, I'll finish that today or tomorrow, then read part 5 and finish the series.
From what I understand, there's an on-going/spin off series called The Heroes of Olympus, which stars 3 new characters but are in the same world/universe and characters from the PJ series show up and make appearances. I'll start this as well but not until I finish the PJ books (obviously) and not until I read The Name of the Wind.