First off, let me say that I am a major Tolkien fan, have read practically all of his works, and have thoroughly liked all of Peter Jackson's films. Knowing that this contained no actual Tolkien writings other than a few oblique references to the Silmarillion, I made the decision to try and watch it as a stand-alone series in order to give it as much leeway as possible.
I've seen the first two episodes, and I have to admit that it seems to be a dud. Although there haven't been any disabled ladies of Chinese descent so far, the characters are typical of today's desperate attempt to check off every PC box.