This review discusses the graphic novel of Tolkien's The Hobbit, with illustrations by David Wenzel and adapted by Dixon and Deming. The cover art is by Giancola and is different than the cover shown above.
I have been enamored of Tolkien's universe for over three decades now, and interested in associated works as well, though some work better than others. This one-volume illustrated adaptation of the novel works very well indeed. What I'm probably most grateful for is that, while not a verbatim transcript, it is a fairly complete adapatation -- even Beorn is here! As for artwork, I always measure Tolkien art by the depiction of the hobbits, and Gandalf, and Wenzel does a fine job IMO. (His pictures are quite different from the cover art.) The hobbits aren't the best I've ever seen, but they're not freakish either, and the dwarves and Gandalf and the elves and the settings are all quite nice.
This would be of interest to a Tolkien collector, a fun read for graphic novel fans, and a nice introduction to the Tolkien canon for wee folk.
Note: I believe there is also a three-volume graphic novel though I haven't seen it. This edition is complete in one volume.