I have an old single volume, the red 'leather' one but did get the 3 volume illus. Alan Lee one for Christmas. Some prefer to have the entire LotR in their hand while reading in order to reference, others (myself included) find the weight more comfortable when broken into 3 volumes. I got my 3 volume hard cover for $48 from Amazon. The red 'leather' single book is more. Haven't had the new one long enough to say how well it will hold up, but it seems to be well made. The old one I have had for several years and it is fine.

"...and the old wisdom and beauty brought out of the West remained long in the realm of the sons of Elendil the Fair, and they linger there still. Yet even so it was Gondor that brought about its own decay, falling by degrees into dotage, and thinking that the Enemy was asleep, who was only banished, not destroyed. Death was ever present, because the Numenoreans still, as they had in their old kingdom, and so lost it, hungered after endless life unchanging."
Faramir  The Window on the West