There's some decent stuff in here, but it's moving too fast, with too little happening, to be on the level of Game of Thrones, or even House of the Dragon.
In the same time, the production, the set design, the costuming, the music, and the labor of love on display make it hard to dismiss entirely. It's almost irritating, in a way, how much push-pull there is from a minute-to-minute basis per episode lol. Some low parts, only for us to see Khazad-dum, and then Numenor, and then back to some awkward writing and editing, and then back again to a truly majestic depiction of Middle-Earth and its intimate, beautiful hitches of breath, be it from The Stranger acclimating to Nori, or the orcs reeling from the sunlight during the appropriately intense action setpiece at the end of episode 3, to Elendil in the flesh.
I just hope they really rack things up after this -- because it's only got five episodes left to go.