It looks pretty good and plays alright. Beware though you have to buy the expansions with turbine points so it's not really free to play. If you don't mind spending a few bucks and if you're a fan of the books and the movies then i guess you'll like it. You can also earn turbine points ingame with achievements. Some say you can buy everything with what you get ingame (but you'll have to do alot of grinding though)
I lost interest the moment codemasters ditched the european servers of LotrO. It was not possible for me to switch my CM account to a Turbine account