first off, Tolkien was always adamant that it was a story, NOT a parable, no matter how many different readings people came up with. it's a huge work, and you can definitely read many analogies into it. doesn't mean that whatever you come up with was his intention.

that said, his own prejudices definitely come out in it. no question, there is white supremacy in there. you could argue that it is anti-feminist; however, you'd have to explain his strong female characters (galadriel & eowyn, primarily).

i say take it for what it's worth (a fucking great story) and don't ignore or excuse the fact that the man was a product of his times.