I think Bakshi still owns the movie option The Hobbit. ARGH! Actually I liked Bakshi's Hobbit - not bad at all, really. But I say "arg" because Jackson et. al. would totally ROCK if they got to do the Hobbit. Of course, buying the rights from Bakshi would be insanely expensive at this point, seeing how well LOTR did...
There were two parts that I liked of the Bakshi version of LOTR (don't kill me!): (1) The bed-stabbing scene in Fellowship, which I think Bakshi did *slightly* better than Jackson (but Jackson's version still rocked), and (2) the orc-background-music used by Bakshi. His orcs sucked tornadoes, BUT that music was way cool. dum-dum-DA-dum, dum-dum-DA-dum, oh yeah.
Legolas: Well, all 3 of my teenage girls loved him (lust is probably the better word) - the mojo-moves were definately part of that attraction. Heck, it's a fantasy, who cares?