I have decidedly mixed feelings about this. On the face of it an LOTR series sounds right up my street, since I loved the films, and loved the book even more once I finally managed to read it (I found it an intimidating doorstop of a volume that took a bit of working up to and a couple of false starts), but...
What took my breath away about LOTR is the incredible depth of world-building, the richness of cultures, the fascinating characters, and the poetic soul and music, and I've a sinking feeling that's not what this series will focus on. Instead, it'll be a litany of violence and conflict that just happens to have Tolkien trappings, ala the games. It seems to me that conflict has ceased to be a means to a narrative end and instead, especially in US genre TV, become an end in and of itself, which is why the likes of GoT and Discovery have never appealed to me.
I'd love to be proven wrong, mind. Some fantasy that's genuinely fantastic, instead of just blood-and-thunder medievalism with a side order of magic and the odd angry dragon would be a welcome change, too.
