I agree with the criticism of Tolkien as a writer--his style is massively uneven, his non-hobbit dialogue is ye olde wooden as hell, and and if he tried his Two Towers Gandalf ex machina in an RP, he'd be pelted to death with d20's by the other gamers.
He was a crap writer, but he was an amazing world engineer. Middle-Earth is one of the most coherent fantasy worlds ever created, much, much more so than, say, Narnia, and because of him, we have Dune, we have Earthsea, we have Star Wars, and we have a lot of bloated, shitty, three-volume fantasy stories by other people who can build a world but couldn't write their way out of a wet paper Hallmark card.
The implications of this extend into games as well. I think developers spend more time on the world than they do on the writing, perhaps because they spent their lives reading fantasy novels that focused more on the worlds than the writing. They've example after example of Tolkien-derived worlds, and read example after example of overly ornate, stereotypically charactered, badly written dialogue. And I think anyone who has tried to tell a story with any sort of self-critical eye will tell you that plot is easy, writing is hard. It's the fantasy equivalent of the great graphics/dumb gameplay issue that people complain about in FPS.
I really like the idea of the luck concept, and I also really like the concept behind Obsidian's Influence mechanism in KOTOR 2. I think the two of these ideas together in a game would make for some real interesting play. I also really like the multi-character approach and the Mood function in Fahrenheit/Indigo Prophecy. With these in place, I think the most archetypical orc-fighting, dragon-hunting, evil-wizard-defeating fantasy game could be made a lot more interesting.