I don’t tend to think of it as an investment because I enjoy playing the alts so much. It’s a different approach to the game and one that suits me well as a casual player who only plays about 20-40 minutes a night. To whit: I’m been playing since October and I have the following characters:
Level 25 Elven Hunter
Level 25 Human Champion
Level 25 Dwarf Guardian
Level 14 Hobbit Warden
Level 14 Elven Runekeeper
Thanks to f2p, I don’t really have any desire to tear through the content and reach the end game. The longer this game last for me, the more I have left to discover, the better as far as I’m concerned.
There are lots of great things about playing alts.
It allows you to experience all of the different races (which means different starting areas so, yes, there is some variety to the low-level content, though there is also some overlap.)
It also allows you to experience different classes. I love, love, love the Hunter, Champion Guardian and Warden classes! Every single one of them has something attractive that makes playing it a ton of fun. The variety also keeps things from getting dull.
Which, as I mentioned earlier, is another benefit. If I find myself getting bored with a given set of tasks or a particular grind, I’ll take a break from that character and play the others for a while.
If you’re not into crafting this next one is maybe not a selling point but with the five character slots you get from Moria (i.e., two additional slots for a total of five) you can cover all of the crafting professions which allows you characters to support each other brilliantly. My hunter makes bows, spears and javelins for everyone; My champion makes sure that everyone has the best critted armour for their level; My dwarf handles edged weapons and traps (and all sorts of burglar goodies if you were to go this route); My hobbit makes everyone’s jewelry; My Runekeeper takes care of dyes and journals of all sorts. (I haven’t gotten into cooking yet.)
Working on so many different crafting professions at once just gives me that much more to do to keep from getting bored. The Barrow Downs turning into a bit of a grind? Maybe I’ll work on unlocking the artisan tier for my jeweler so he can start critting gold jewelry for everyone. Not only does it mean that all of my characters generally have the best possible gear for their level, there is something really satisfying about knowing that they’ve outfitted themselves rather than buying gear from the auction house. My warden’s got a vault full of amazing armour and weapon upgrades just waiting for him when he hits level 16.
I do spend a lot of time at the mailbox but there’s even something satisfying about that. My guardian will be fighting some orcs in the North Downs and he’ll get a recipe drop for a steel forester’s ax and I’ll get really excited. Off it goes in the mail to my champion who makes the ax and drops it in the mail for my hunter.
That was a long and rambling reply but my basic answer is that I don’t see alts as a burdonsome investment of time because it gives me so much more to do, it expands the content of the game 5 fold. I guess this is a negative if you have other games you eventually want to get around to but, for me, lotro is the only game I play so the longer I’m able to draw out the content, the happier I will be. At a bare minimum, playing alts gives you an opportunity to experience the other classes, all of which have something fun to recommend them.