I cannot say I am big LOTR fan but compared to other series or even the movies you can tell that the only star aside from the minimum one that I can assign to the show is for the outstanding special effects. Sadly and to me, this is where most of the show's budget was spent on.
The acting is average and the script has no essence. If I can compare, GOT's Tyrion during season 3 and 4 gave us the best dialogues ever written and acted. A single conversation scene between Tyrion and Tywin was enough to satisfy me during a single episode. Rings of Power wasn't even near to emulate such dialogues.
When plot is so poor it doesn't matter how beautifully you make a volcano erupt... it is simply not going to matter to me, it was boring. There were huge gaps in the story which were convinient to what the script needed. How come Elron travels to the Dwarven mines in a change of scene and nothing was shown as to how they got there and on top of it he leaves his buddy wating outside of the mines like if they had been on their local neighborhood. The show was very poorly written.
If you're looking for a show rich in intellectual content probably this isn't the show for you. If you are a person that quickly gets amused by colors and special effects and that is all you care about maybe this is your type show. I am just sad to see how something that had so much more to offer in many senses (plot, dialogues, charachter lore, etc.) was so shallowly portrayed and compared to what the industry offers nowadays I'd rather stay with GOT's final season (which sadly was utter gargage) than to this show...
I honestly don't believe this show deserves a 3 star rating as the average suggests.