I find it hard to compare this to LoTR trilogy as that is a wonderful creation that can't be topped. I am comparing it in a similar way I saw the hobbit films which were awful and I haven't touched again.
I will say the world feels grandoise and the CGI has clearly had a lot of work put into it creating a surreal fantasy world. I don't feel like the characters are in this world though, they all look too clean and perfect with perfect makeup that has a tiny bit of mud rubbed on. Characters don't look rugged or weathered. I also disliked how human the elves felt, with their bickering. Galadriel felt more angsty teen than 10,000 year old elf. Also why did she jump in the water with 0 plan in an enormous sea.....
This is one of those things where if I compare it to the original trilogy it would get a 2/10 but as a standalone series (SO FAR) I'll give it a 3/5 but I expect this will probably go lower as the season progresses and more of these tropes are overplayed.