Not going to get too wordy here. Many of the reviews touched on specifics, and should be helpful. If you're a LOTR fan, it'll take most of the first season to get "use to it". Give it a chance. The second season picks up the pace some.
Whats missing? There is absolutely no humorous exchanges or actions in this series. None whatsoever. In the LOTR movies, who didn't laugh at some of the things Gimli did or said, especially with Legolas? In this series, there is nothing at all that will give you a laugh or chuckle. Its hard to "like" the characters right off bat. Youre waiting for a character to grab you and pull you in, but it doesnt happen. Sometimes the seriousness of ALL script/conversation just seems to run on and on, with no break in tone. It would be nice to see someone smile.
It's worth a watch, but unlike the movies, I wouldn't buy the DVD...yet.