I've heard so many people hating on this I was afraid to start watching, now I have I really don't know what the problem is!
Admittedly the build is a little bit slow but the sincereity of its narrative and world building along with the carefully woven sense of mystery make it worthwhile. It's makes great use of Tolkien's world and mythos.
I also, to be fair, can't see where it's immense budget has been spent - but that's hardly a reason to discount it's high points.
All in all, if you are a fan of the books or of Tolkien's wider world then I would defiantly suggest you give this a chance.