Looks terrible. Im confident they will mess this up.
I'm actually at peace because that trailer looks like horseshit even if you've never heard about LotR in your life and have no expectations. Just look at the (lack of) production value at hand. Show looks like The Witcher, Wheel of Time, GoT or whatever mass produced shit the streaming services are spamming into the market.
The frontier is defended, the globohomo has failed in his attempt to ridicule J.R.R's magnum opus, simply by failing to build a Trojan Horse that's just
reasonably convincing. It didn't need to be fantastic, just a a Trojan Horse that didn't have the Greek soldiers asses hanging out would have been enough to do lasting damage to Tolkien's legacy.
Just like 25 years ago when our friend Harvey Weinstein, Miramax executive at that time, insisted on squeezing the whole story into a single film (two were planned) and threatened to replace PJ with Tarantino. So PJ and Fran switched to New Line Cinema and Robert Shaye, the legend extended two into three films and gave the creatives all the time, money and artistic freedom they needed. The rest is history.