I'd probably give it 4 stars, but given the outrageous, completely unfair, 1 star comments out there I've notched it up.
I've read a lot of Tolkien stuff. Frankly, the Hobbit and LOR is the stand out material. I don't expect this series to be 100% true to the source material like the Silmarillion, because if it was it would be terrible. As far the criticism about it being PC or woke, some people need to get out of their own hate-filled fantasy world.
On the show, I'm 3 episodes in and enjoying it. The visuals are amazing. The pace is a bit slow, but if there are going to be 5 seasons there are a lot of characters and places to get familiar with. They seem to be setting up a few good parallel storylines. I like Galadriel, and the Dwarves, and the Harfoots.