For one thing, we wouldn’t have had the chance to see the trilogy. That is a big loss, entertainment wise.
See also: Misconceptions about Manila
I still find myself re-watching the scene where the Giant Eagles came to the rescue in The Return of the King.
For another, if the story makes it to the production stage, it would revolve around Frodo doing Hobbit-sy errands, which are cool to watch, at least in the first 30 minutes.