I just picked up a trial account recently and I've been having a great time immersing myself into this, the original Tolkien fantasy world. I've thouroughly enjoyed the charracter system and the differences between the races. Great care seems to have been taken to instill into this game the spirit of the fantasy world of Middle Earth.
The environments seem almost to breath with the detail paid to their composition. The architecture and landscape of the Bree-Lands (as far as I've gotten on the trial account) matches closely the images I've interpreted from the Fellowship of the Ring.
Combat is enjoyable and involved, with the few classes I've sunk my teeth into offering combination and synergy between skills and abilities which seems to lend itself to personalized stiles and use.
The adversaries run the gambit from resembling some possible charracter designs to dreadful creatures bred from darkness. The drop system is logical and avoids the "imp who happens to have a Halberd in his pocket" issue of other games. So far there is little to no simple use of recolor to simulate diversity among monsters, and npcs and quest givers seem to have a degree of uniqueness of appearance which sets them apart from non-interactive villagers.
The Trait system is wonderful for personalization. With many traits being rewards for achievements there is more insentive for putting one's nose to the grindstone to complete them.
Even though I've only scratched the surface of this world through my limited experience in the trial account and newb areas I've witnessed a certain soul to this game that denotes a loving hand and a cafeful devotion to the lore set down by Tolkien.
Little license has been taken and great attention has been paid to detail. I look foreward to this games continued future and popularity.