The reason the LOTR films were so successful is that Peter Jackson took the exact story and only made small adjustments for pacing/to make the story streamlined enough to film.
Here, while the show is a spectacle, the writers have taken far too many liberties with the story. They have changed what Tolkien created to suit their story instead of filling in the gaps.
For reference, because a lot of the changes are spoilers, Galadrial's brother Finrod died in the first age, and not to Sauron. Galadrial was also the last of Feanor's line, the highest of the elves in Middle Earth, so she has been highly demoted. This is the tip of the Iceburg.
But the biggest thing that I kept thinking was Elves don't age. They have been alive for over a thousand years at this point yet they wanted to cast a younger Galadrial and Elrond. I understand why, but with the budget provided I bet they could have got the original actors to fulfill these roles and built a world around them.
That said, for someone who isn't as interested in Tolkein's backstory, it is interesting enough to watch.