Ever notice how long winded reviews almost always include some version of saying "X, Y, and Z are flawless, but overall it lacks something"? Never do get around to defining the something that is missing, though.
The first 2 episodes were visually stunning, immersive (I was thoroughly engaged), and "believable" (in a continuity sense).
Any show is allowed to set its own storyline and rules as long as they stick to their rules and story. It's early so maybe they'll fail at that down the line, but for now I feel this is a well made show.
Any complaints about people not looking like you want just silly. The cast is the cast. Is it more or less believable that Balrogs exist or elves are different colors? Fair can just mean "pretty", doesn't have to be light. If a character portrayal bothers you, ok. Doesn't mean it's a bad directorial decision, just not your cup of tea.
Long story short: lots of content in this show. Episode 1, mostly setup. Episode 2, some development and direction of the story starts. I'm excited to watch 3 tonight.