It's funny, this series got absolutely slaughtered on social media and in most fan reviews, and I think a lot of it was because the Peter Jackson LOTR trilogy is so beloved. Normally I generally concur with the majority when it comes to these kinds of adaptations, but with this one I found myself enjoying it quite a bit. While it was flawed in places (some of the leads didn't seem to quite have the gravitas for the material) there were some great bits that I found really emotionally resonant, including the meteor man and the proto-hobbits, and especially the fractured friendship between the main elf and the dwarf.
The other main point of criticism seems to be how much they spent on the production, but for me I could honestly care less because the cost to me to watch is is effectively zero. And, unlike the few recent Star Wars series (Obi Wan, Ahsoka, and especially The Acolyte, a steaming turd that supposedly cost $180m) which often look cheap, bland, small or "too clean", The Rings of Power looked phenomenal to me, especially the VFX - some of the cityscapes like Numenor are the best I've ever seen, and I say that as someone who's worked in the industry for nearly 20 years.