Pretty good considering I do like LOTR having read the books and also the original films, but I'm not a buff. It's not perfect, some of the plots/developments were a bit ridiculous, but I would say overall the story development was not bad at all from an audience like myself, and the cinematics were beautiful and faithful.
My favourite character development is the relationship between Elrond and Durin, I think there was some very good acting among the cast, and I think the casting was pretty good for the characters.
I have heard of reviews on this and House of Dragon in comparison - I personally didn't like GOT, I think so far House of Dragon is a bit better but I wouldn't say necessarily better than the Rings of Power, but then again I prefer LOTR anyway. If you're a GOT fan, you'll probably disagree, so it's really a matter of taste. From my perspective, I like more fantasy and sci-fi, I'm not necessarily a buff so for me, this was pretty good.
Hope it helps you work out whether it's your cup of tea or not!