Tarzan and Jane are living happily in the jungle. Some men come looking for ivory and to take Jane back to civilization. But Jane loves Tarzan and refuses to leave. One of the men falls in love with Jane and is determined to take her back...even if that means killing Tarzan.
This is a rarity--a sequel that's better than the original. "Tarzan, the Ape Man" of 1932 was good but had some dreadful special effects and sort of dragged. This one has MUCH better effects and is a lot more adult. There is tons of blatant racism (a black man is shot to death point blank--and no one really cares) but this was 1934. There's also plenty of blood, gore and violence (for a 1934 movie) and uncut prints have Jane doing a lengthy underwater swim totally nude! There's also obvious sexual content and Tarzan and Jane are wearing next to nothing and (it's implied) they sleep together and have sex--without being married. This wouldn't bother anyone today but in 1934 this was pretty extreme.
That aside, the movie is well-directed, very fast-moving and full of adventure and excitement. Seeing Weissmuller in that skimpy lion cloth is certainly a treat for the eyes and Jane's outfit is pretty revealing too. I still think Maureen O'Sullivan is bad as Jane but Weismuller is perfect as Tarzan. Everybody else is OK.
This is easily the best Weismuller--O'Hara Tarzan out there. WELL worth seeing but not for kids!

I saw this movie during a Tolkien-themed Interim class during my sophomore year of college. I was seated unfortunately close to the screen and my professor chose me to serve as a whipping boy- everyone else was laughing, but they weren't within constant eyesight.
Let's get it out of the way: the Peter Jackson 'Lord of the Rings' films do owe something to the Bakshi film. In Jackson's version of The Fellowship of the Ring, for instance, the scene in which the Black Riders assault the empty inn beds is almost a complete carbon copy of the scene in Bakshi's film, shot by shot. You could call this plagiarism or homage, depending on your agenda.
I'm sure the similarities don't stop there. I'm not going to do any research to find out what they are, because that would imply I have some mote of respect for this film. I'm sure others have outlined the similarities- look around.
This movie is a complete train wreck in every sense of the metaphor, and many, many people died in the accident. I've decided to list what I can remember in a more or less chronological fashion- If I've left out anything else that offended me it's because I'm completely overwhelmed, confronted with a wealth of failure (and, at high points, mediocrity).
*Due to heavy use of rotoscoping, Gandalf is no longer a gentle, wise wizard but a wildly flailing prophet of doom (whose hat inexplicably changes color once or twice during the course of the film).
*Saruman the White is sometimes referred to as 'Aruman' during the film, without explanation. He wears purple and red for some mysterious reason.
*Sam is flat out hideous. The portrayal of his friendship with Frodo is strangely childlike and unsatisfying. Yes, hobbits are small like children, but they are NOT children.
*Merry and Pippin are never introduced--they simply appear during a scene change with a one-sentence explanation. The film is filled with sloppy editing like this.
*Frodo, Sam, Pippin and Merry are singing merrily as they skip through along the road. One of the hobbits procures a lute at least twice as large as he is from behind his back--which was not visible before--and begins strumming in typical fantasy bard fashion as they all break into "la-la-la"s. AWFUL.
*Aragorn, apparently, is a Native American dressed in an extremely stereotypical fantasy tunic (no pants), complete with huge, square pilgrim belt buckle. He is arguably the worst swordsman in the entire movie--oftentimes he gets one wobbly swing in before being knocked flat on his ass.
*The Black Riders appear more like lepers than menacing instruments of evil. They limp everywhere they go at a painfully slow pace. This is disturbing to be sure, but not frightening.
*The scene before the Black Riders attempt to cross the Ford of Bruinen (in which they stare at Frodo, who is on the other side on horseback) goes on forever, during which time the Riders rear their horses in a vaguely threatening manner and... do nothing else. The scene was probably intended to illustrate Frodo's hallucinatory decline as he succumbs to his wound. It turns out to be more plodding than anything else.
*Gimli the Dwarf is just as tall as Legolas the Elf. He's a DWARF. There is simply no excuse for that. He also looks like a bastardized David the Gnome. It's a crude but accurate description.
*Boromir appears to have pilfered Elmer Fudd's golden Viking armor from that Bugs Bunny opera episode. He looks ridiculous.
*Despite the similarity to Tolkien's illustration, the Balrog is howl inducing and the least-threatening villain in the entire film. It looks like someone wearing pink bedroom slippers, and it's barely taller than Gandalf. "Purists" may prefer this Balrog, but I'll take Jackson's version any day.
*The battle scenes are awkward and embarrassing. Almost none of the characters display any level of competency with their armaments. I'm not asking for action-packed scenes like those in Jackson's film, but they ARE supposed to be fighting.
*Treebeard makes a very short appearance, and I was sorry he bothered to show up at all. Watch the film, you'll see what I mean.
Alright, now for the GOOD parts of the film.
*Some of the voice acting is pretty good. It isn't that Aragorn SOUNDS bad, he just looks kind of like the Jolly Green Giant.
*Galadriel is somewhat interesting in this portrayal; like Tom Bombadil, she seems immune to the Ring's powers of temptation, and her voice actress isn't horrible either.
*Boromir's death isn't as heart wrenching as in Jackson's portrayal of the same scene, but it's still appropriately dramatic (and more true to his death in the book, though I don't believe Jackson made a mistake shooting it the way he did).
*As my professor pointed out (between whispered threats), the orcs (mainly at Helm's Deep, if I'm correct) resemble the war-ravaged corpses of soldiers, a political statement that works pretty well if you realize what's being attempted.
*While this isn't really a positive point about the film, Bakshi can't be blamed for the majority of the failures in this movie, or so I've been told--the project was on a tight budget, and late in its production he lost creative control to some of the higher-ups (who I'm sure hadn't read the books).
Let me be clear: I respect Bakshi for even attempting something of this magnitude. I simply have a hard time believing he was happy with the final product.
Overall, I cannot in any way recommend this blasphemous adaptation of Tolkien's classic trilogy even for laughs, unless you've already read the books and have your own visualizations of the characters, places and events. I'm sure somebody, somewhere, will pick a copy of this up in confusion; if you do, keep an open mind and glean what good you can from it.