I've watched 2 episodes just now, and I must admit that I'm pretty much liking it! It's just a beginning, and there are some things that annoy me a little. Yes, the show could've had better pacing. LotR had a much more effective introduction into its lore, it's something that can't be replicated that easily, even though I wish the showrunners at least attempted to. There's a slight whiff of mediocrity about it. The music is nowhere near Shore's masterpiece. The characters are a bit all over the place. There are some scenes that are longer than they should be, or some purposefully obscure...and so on.
But it's just the beginning. Maybe when the show ends, we will have a better understanding of what was its purpose, and how the story unfolded. What we're writing about it now seems reactionary at best. No time to see the big picture, or reflect.
Yes, it resembles The Hobbit more than it does LotR, and it won't be a 10/10 series, but hey, at least we get Middle Earth on screen. They can improve from season to season too!