Peter Jacksons version(s) are better films overall from objective point of view. That being said, they are not my favorite screen versions of Lord Of The Rings, and let me explain why. 

Firstly, the acting of the on-screen characters is just too ordinary and uninspiring with Jackson's LOTR. The whole cast is too run of the mill. "Are you claiming that those silly cartoon characters of Ralph Bakshi version are better actors than real people?" one could ask. Well, they are not really silly(save for Hobbits, later about them) and they certainly pack more personality than Jackson's party - even with much more limited dialogue time. And that is because of superior _voice_ acting of the Bakshi's LOTR. Take Aragorn for example. In this version his voice is deep and charismatic with full of authority(Aragorn the lord)and with a seasoned rasp(Aragorn the ranger). This is due to John Hurt's brilliant voice acting. Compare that to Viggo Mortensen's rather high pitched sound with no soul and the duel gets quickly uneven: Hurt beats Mortensen hands down. 

And then there is Gandalf. Probably the most dominating(and the most popular) character in the whole saga. In this Bakshi version Gandalf(William Squire) is a real wizard. And by that I don't mean he shoots bolts from his fingertips(he does not), but his presence is just captivating. He is a mystical, powerful and can switch from gentle old man to a scary person with ease. Add to that his looks: Tall, old as the ancient oak, beard long as his body, sharp eyes, wizardy hook nose and of course, the classical wizard hat. A Perfect Gandalf, just like in the books. Ian McKellen's Gandalf in the other hand, is simply just too boring. He looks too human, sounds too human, acts too human and wears no hat or wields no sword. Yes a sword. In this Bakshi version Gandalf scores couple of bloody orc kills with his sword(as he did in the books). And those are stylish slow motion kills. Gandalf is not a power to be messed with. And it must be noted, that while I'm sad to say this, the great Christopher Lee didn't bring Saruman alive. Fraser Kerr in this movie did, even with a very limited screen time and lines.

Before I move completely to visual aspects of the movie, it must be mentioned that the voice acting and the general presenation of the Orcs are also superior to Jackson's pretendeous bad guys. Bakshi's orcs taunt their enemies(or each other) constantly with growls, screams and nasty language. They are more believable as monsters and are more faithful to the book in my opinion. And finally, the Black Riders - or the Nazgul. Those ultimate bad guys are scary ghosts in this one - not just some riders wearing black. And they speak with haunting voice, which mesmerizes their victim. My favorite scene in the film is when the Nazgul are chasing Frodo near the river. While Peter Jackson couldn't do anything but show the riders simply chasing the party, Bakshi throws in a nightmarish dream with some cool slow motion scenes and thundering sky.

But as much I like this film more than Jackson's, the latter are, if only technically, still better. And that is because of some key visuals. As you know Bakshi LOTR features a mixture of animated characters(all hobbits and the main cast) and real actors covered with paint. I don't really have a problem using real people in animation this way, but they just don't fit very well with traditional cartoon figures. This is especially true with humans(Riders of Rohan, tavern people etc.) Orcs are different matter, since they are meant to look very distinctive from other characters. Orcs, while played by humans with animation mix, look far superior to Jacksons version. They have brownish-green skin, shiny red eyes, flat face and pointed teeth. 

Biggest screw up in this films visuals, howerver, are the Hobbits. While I prefer almost every character in Bakshi version compared to Jackson, the latter has clearly superior Hobbits, in fact they are perfect. With Bakshi you get some irritating and rather poorly drawn humanoid Disney bambies. And you are forced to spend a lot of movie time with them, so be warned. Again, the voice acting is OK with them too, but the actors mouths cannot save the "immersion damage" made by these little weasels. Well, I never really liked those halflings anyway. 

General failures in the Bakshi script are well known. Limited playing time(with limited budget) and a lot of missing scenes. So while this film covers nearly half of the story, it doesn't do it in extensive detail compared to Jackson's version. 

In a summary the Ralph Bakshi version of LOTR has a superior:

-overall atmosphere (it feels more like Middle-Earth) -overall voice acting -music (I really dig the fantasy score by Kont & Rosenman) -Gandalf -Aragorn (One of the John Hurt's finest roles) -King Theoden -Orcs -Black Riders -Elrond (He's not some fairy hippie in this one!)

While Jackson version is better:

-because it covers the whole story -overall visuals and special effects -Gollum/Smeagol -Balrog -Hobbits

Lord of the Rings by Ralph Bakshi, even with it's well known shortcomings, is one of the best animation films ever made and it captures the atmosphere of Tolkien's fantasy world very well, if not perfectly. I'll give it a score of 8½ out of 10.

Sentiment: positive