Mythology of Middle Earth

It has been discussed to great length that Tolkien was heavily influenced by Norse and Gothic mythology and language. It has been stated that he set out to create a mythology. "I would that we had more of it [Finnish myths, particularly Kalevala] left - something of the same sort that belogned to the English." (Tolkiens quote, in, Carpenter, Humphrey. JRR Tolkien, A Biography) but what I am curious about, and this is just a highly opinioned question asking for an highly opinionated answer, how effective do you think the works on Middle Earth are as a modern mythology? Do you think that Tolkien has created a mythology that works in modern times? Sure it woudl have worked in the Anglo-Saxon times, but could it now?

I think so, even though it isn't a full mythology (based on a definition of mythology requiring a tie in with religion) it is still a compeling work that does contain influences of Tolkiens life and beliefs.

The religion statement I made above can be contested, and I don't even fully agree with it because it can be argued with great support that the works on Middle Earth are a sub-sect of Christianity, and thus is a full mythology.

But just to re-iterate my question, how effective are the works on Middle Earth as a modern mythology?