I’m trying to think how I would view the show if I didn’t know Tolkien’s work and if I didn’t have any issues with the opportunity cost of a bad adaptation. Stripped of Tolkien-related baggage, I think my view of the show would be like this:
It’s a great looking show at almost all points (the weird worg being an exception). There are some great settings and it starts out introducing characters, but then there’s some stuff that doesn’t seem to make sense. I don’t think there’s any way to make Galadriel’s leap into the ocean and the subsequent raft sequence good writing or plotting; it’s just poor and random. OTOH, what we see of the Elves, Dwarves, Southlanders, and Numenorians is all quite good and interesting. Some awkward scenes and dialogue with Galadriel and Gil-Galad, but some very good scenes with Elrond, Durin, Disa, Bronwyn and Arondir.
The backstory seems skimpy in places and inconsistent in others. (What’s up with the Numenorians - they had a big empire and then became isolationist? That’s implied but not stated. The Harfoot society seems completely bizarre - “nobody walks alone but we’ll leave to you to starve and die if you have a bad foot and can’t keep up.”) Also, the scale is all over the place: the capitol of Numenor seems suitably impressive but “The Southlands” is apparently one village.
OTOH some of the set pieces are incredible: The Stranger vs. the White Magi, the eruption of Mt. Doom, etc.
As to the story, does it make sense stripped of Tolkien? On the one hand you don’t get the visceral rejection of the elf-mithril stuff, but the whole forging of the Rings may not be that significant to non-Tolkien fans.
Eh, I don’t know. I’m not sure it’s possible to evaluate the show as a non-Tolkien fan, for me. The best I can come up with is: the show would have some good qualities but also some flaws, as a non-Tolkien work. On the strength of the production quality, I’d probably give it a 6 on the 1-10 scale, which is the minimum positive rating. That puts it 1 rating point down from The Wheel of Time IMO (which I would consider about a 7).
Now, if you add in the opportunity cost and Tolkien disappointment, it gets into negative territory for me.
But trying to be objective, I think I would say it’s a fantasy show with some good qualities and also some flaws.
Which, when you consider what they spent on it, is not great.