I mean, for $1billion for a season of television, 'good' is a pretty low bar to clear, right?
I read and re-read the Lord of The Rings Trilogy and Hobbit, but never could get into Silmarillion or any of the Unfinished Tales, so this doesn't really appeal to me, though I could care less how closely it hews to Tolkien's established lore.
It's like Star Wars to me, if you want to destroy cannon and write your own crap, fine, fine... just make it good.