So, a few observations.
1. Not having the rights to the Silmarillion is a major problem for this show. It's going to continually cause problems with fans who know the canon (well, such as it is "canon" at all...), because it's not gonna jive with any of that info. As I gather it, the show has the rights to the ROTK appendices and that's about it. That's both good and bad. Good in the sense that they aren't bound by mountains of complicated canon, but bad in that they don't have anything beyond bullet points, family trees, etc. to work with, and so far I've not been convinced that their writing chops are up to snuff to fill the gaps.
2. My overall sense of the show is that it's leaning heavily on "vibes" and the needs of the TV format, rather than putting story first and then trying to fit that story to the format. For me, the most glaring example of this was the "speed of plot" travel, but there are other examples, some of which I'll spoiler tag below. The three...uh...whomever they were who were wandering around the harfoot area are a prime example of "vibes over story." They sure look impressive, and they clearly have neat-o powers, but we're never given any real time with them to understand who or what they are other than "funky-looking gals who can do fire magic stuff and glower a bunch." As a result, when they finally, briefly, explain who they are, I just....don't care because the show hasn't taken the time to make me care. In an effort to make thousands of years of appendix backstory accessible to television audiences, they're also ridiculously condensing material to the point where it stops making sense. Again, see the "travel at the speed of plot" bit, but also consider the Numenorian storyline. We're focusing on Elendil and Isildur and Tar Pharazon and whatnot, but, setting it chronologically alongside a ton of other events, even though there's supposed to be thousands of years between them. My guess is that the showrunners didn't think that they either had enough material to hold people's interest in the huge time gaps between major events, or they thought people would be overwhelmed by having a ton of different characters (like "Wait, which British-or-Commonwealth dude is this again? They all look the same and have funny names I can't keep track of.") who come and go in and out of the narrative, while the elves stay the same. So the solution seems to have been "Make all the major events happen within the span of about 3 weeks or so" and forget everything else. I'd also say that a lot of the "mysteries" inserted into the show seem to be much more built around audience manipulation than they do about the narrative itself. They feel like mysteries that are highlighted and perpetuated and spun in a way purely to keep the audience guessing, and as many of you know, I despise the hackery that is "Mystery Box" storytelling. And then they both maintain the mystery and give "confirmations" by doing a ton of "MEMBA THIS?!" fan service by having characters repeat dialogue we've heard them say before. "Stronger than the foundations of the earth," "To shadow you shall return," "This way smells fairer" yadda yadda yadda. Again, it feels forced and purely to manipulate the audience.
The opening of the finale with the three weird sisters telling Not-Gandalf-ok-just-kidding-almost-certainly-Gandalf that he's Sauron? While watching it I said to my wife "That's BS. I don't buy that for a second. I think it's Halbrand." And then as soon as Halbrand starts talking about how to forge rings? Yeah, done. But it raises the point I was making earlier: the big "YOU ARE SAURON!!!" thing is a pure "vibes" moment set at the start of the episode to serve the TV medium rather than the story. Like "OK, we wanna grab people right out of the gate with this, so let's do a big splashy moment with these weird nitwits who think Sauron is the guy from the cover of Aqualung who just has temporary amnesia." In the moment, it's BIG and IMPACTFUL and HOLY CRAP!! But you get about 5 minutes past it and you're saying "Wait a second...WTF was that?!" It's just a cool moment in isolation but which doesn't fit in effectively with the larger narrative.
Several of the things with Halbrand have been "off." First, the post-battle "Oh man, we really wanna bang each other, don't we?" thing with Galadriel? WTF was that? They never effectively sold that to me. It felt like it came out of left field, and was introduced purely to create a moment of tension later. Like "Oh, right, we need to introduce Chekov's Gun here so we can shoot it there later. Make sure that gets in." It just felt unearned and inserted for meta-narrative reasons. And then Galadriel's turn from making mooney eyes at Halbrand to "I think he's not who he says he is" feels like she's turned on a dime. She's been with this dude the entire time and NOTHING tipped her off? Why now? Why this? Why such a sudden shift to not trusting him? Again, it wasn't effectively handled and just ended up feeling abrupt. I have no idea how Annatar is supposed to fit in to this story, either, given that the timeline is all bolloxed up at this point, and I can't imagine why any elf would trust him showing up now.
3. The show has a serious pacing problem which, oddly, I think is exacerbated by the 8-episode season format. I really think that it needs 10 to be more effectively paced. The opening of the show felt sloooooow, but the ending of the show felt like a whirlwind that didn't end up making as much sense. Having 10 episodes, it would seem, would allow relationships to form in more natural ways, and for plot points to develop more effectively, and wouldn't require you to run your simultaneous storylines at a simultaneous pace that breaks time and space and ends up with characters shoved around so they can be in the right position to have XYZ moment just so you can have XYZ moment.
Honestly, while there's a lot to like about this show, I'm getting serious "final 3-ish seasons of Game of Thrones" vibes from it. Operating on outlines/bullet points only, focusing on "vibes" over your story making internal sense, condensing a ton of complicated stuff to serve the needs of an audience you assume to be morons, etc. It's all there and it makes me think this show is a lot more likely to disappoint.
It's odd. I went into this and House of the Dragon with flipped expectations: I thought HotD would end up being yet more GoT fan service nonsense, run the same way as GoT was towards the end (i.e., badly). I expected RoP to be handled more seriously and carefully, given the involvement of the Tolkien estate. And the end result is the exact opposite: HotD seems to be telling a much better story in a much better way, and RoP is running on vibes and kewl moments. I hope they can turn it around, because as I said, there really is a lot to like about the show, but man...they aren't making me think they'll stick the landing so much as crap the bed.