To preface, I'm a Tolkien junkie. I've read the books(though I couldn't quite get through the Silmarillion), seen the movies, and quote most of the behind the scenes, appendices, and obscure Arda history facts on a daily basis.
Currently the show is squarely in the realm of build up. There's a lot of potential and suspense, but a considerable amount of limbo, comparable to when Bilbo or Gandalf wax poetic in the first movie. That being said, the first two episodes are a fun watch. They introduce and juggle several plot lines with skill and set each loose in a world that feels very close to the og trilogy. The characters are fun and complex; I wasn't expecting the care with which Elrond and Galadriel were handled, notably in how they have new motivations that intertwine with their future roles in the third age. All in all I'm excited for the next episodes and have high hopes for them, which is a good review in itself.
The increased diversity of race and gender is lovely. It feels perfectly at home in Tolkien's world. As Tolkien said,
"I would draw some of the great tales in fullness, and leave many only placed in the scheme, and sketched. The cycles should be linked to a majestic whole, and yet leave scope for other minds and hands, wielding paint and music and drama".
The show runners have done much of this broadening of tales with other minds and hands, and much of it is for the better.
Tl;Dr: The missing star is for what the show has yet to become, but its future is very promising.