Mine and my wife's versions of the LOTR are both Harper Collins (though mine is in three volumes and hers is one volume). It has illustrations by Alan Lee (who worked as a consultant on the films). Saruman's tower in the movie was based on his earlier drawings.
My hobbit is a paperback I bought for $2 in a second store eons ago.
I don't own the Silmarillion (I borrowed my brother's copy, so I've at least read it!)
I'd start with the Hobbit and then do LOTR and then Silmarillion. If you are a quick reader, you'll do the Hobbit in a weekend, so it shouldn't detract from the LOTR which is the main book. I'd only read Sil if you really had to...
'Thag you very buch'
