I only just started, but for all my previous hesitation, so far I'm fairly pleased. It isn't comparable with the original movie trilogy, but as a show it's entertaining and hasn't put me off yet.
Some people asked if I had watched it before, and now I have, somewhat. Galadriel's characterization (and both actresses playing her) have carried the role well. It's nice to have a story where not everyone left alive is a smirking sociopath, but that's just my subjective preference there.
It may yet disappoint me, but so far so good. The halfling predecessors were my favorite worldbuilding feature so far.
Yeah, she's been searching for Sauron at least 400 years longer than the actual war took. The other elves are right.