It's difficult to separate the three books that comprise the Lord of the Rings, but Fellowship has always been my favorite part of the tale. Its slower pace lets you just explore and enjoy Middle-Earth before the more epic and hectic pace of the following two books takes hold. And some of the scenes are just timeless--as a child, my copy of the novel literally fell apart at the halfway mark because I re-read the Moria sequence so many times. A wonderful book.