I treasure both The Lord of the Rings and Bored of the Rings, so you can see that for me, the parody doesn't ruin the original.

What I don't like is the camp approach in which people pretend to be more sophisticated than the material they're parodying while secretly (I suspect) enjoying it for its own naive sake. I don't want to mention any names here, like David Letterman, or--put down that stone!--Garrison Keillor.