Fans will love it, not so sure about the rest of us...
That being said, this type of game is nothing new execpt for the fact that it is set in the world of The Lord of the Rings. Quest are the typical: go here, kill X number of enemies or collect X number of this, return. In short the quests are boring unless you follow the LOTR lore.
Crafting is limited in that once you choose a profession, the main, secondary and a third is chosen for you. You have no freedom in choosing the three professions.
Graphically, this game is not great. Character animation is terrible, character modelling is also terrible. The Elves look really, really stupid.
However, content update is free and happens quite frequently. But then again, unless you are familiar with the LOTR setting, it's kind of boring.