Grim: It wasn't just the shortening, it was the character-and-function-mangling. Faramir was presented as a counterfoil to his brother Boromir - where Boromir was a "modern" man, representing the new way and the way that would eventually prevail, Faramir was something of a throwback, not unlike Aragorn himself - an echo of the past revived - along with Aragorn, he represented the brief flowering that was to come before the long slow decline/change. His character served a purpose in the larger theme - the lament for the things that are passing away - or it did in the book, anyway.
Pyan, you made me laugh with your comment about "normal" length - so true! And anyway even if you did shrink it, losing all the backstory and the character/history of Middle Earth, what would you have? Another crapperoonie fantasy book with as much substance as fairy floss, or should I say, elf floss.
Part of the appeal of LOTR for me is that its not just about the rich description, Tolkien's world etc. This story is more than just narrative - says something on a very deep level about what it is to be a human being - haven't got that yet from Martin's ASOIAF, despite all the words and action.
TIEN - maybe Tolkien would self-publish today?