I'm reading Lord of the Rings again after a year or two of not having done so.
The first thing that struck me is that Frodo is essentially an enormous fucking elfaboo.

The second is that Saruman starts off as Saruman the White, a wise, important being, most powerful of all beings in Middle-Earth. Then he gets corrupted by evil with promises of power and wealth, imports a whole bunch of orcs, and calls himself Saruman of Many Colours, wearing a rainbow garnment.
Then Gandalf comes over and tells him that a rainbow is weaker than pure white light, as you break white light in order to get those many colours.

There's a lesson in there.