I also suspect this.I think it's going to be shit.
I think the truth is that Lord of the Rings ended up good because it was a story about some (literal and metaphorical) little people swept up in big events. It was a tale through their eyes — people who didn’t want to be heroes but did what they had to for their own survival as well as for others. The epic events happened around them, they weren’t the point. Consequently, the world they were based in was never really the thing that made it good.
By contrast, you have things like the stories of the Silmarillion, which end up really dull. These do the opposite to LotR — they make it all about epic tales of epic people in an epic world. But there’s nothing to hold onto and it all just slips past.
It looks to me like this series follows the Silmarillion route, not the LotR route.