I thought the first two episodes were promising, and looked fantastic. True, many of the elves in it don’t really fit my mental image of elves, including Galadriel, but I’m sure I’ll get over it. And I also really liked the look of the dwarves and hobbits and other characters.
I’ll definitely keep watching to see how it goes, but while I am hopeful at this stage think it could go either way. For me, it’s going to depend on how they tie together the currently disparate stories and grow the characters.
I can’t comment on the lore, because while I read The Hobbit and LotR when I was young (and the LotR text-based adventure might have been my first cRPG

), and I’m a fantasy buff more generally, I somehow never got on with Tolkien’s writing. I actually preferred the films, even the Hobbit ones <ducks>.