(Minor SPOILERS.)
First off: I liked it. It remains to be seen whether it qualifies as a true-to-Tolkien show, but it's good nevertheless.
Episode one established most of the main characters and settings, while delving deep only into Galadriel's story. Finrod's death is revealed to be true to the lore after all (except for the date...), and we see some of the most beautiful landscapes I've ever seen. The music also fits in perfectly.
The pacing is the only big thing that I didn't like. It felt very quick to me, but episode two slows down.
Episode two is slower and even better. We meet the Dwarves, at the height of their power. The music gets even better for this one, and we get a plotline that canters to book-readers, with Galadriel being offered passage back to Valinor, the land she was banned from (she refuses, and as we see in LotR, only goes back after she rejects the chance to have the One Ring for herself).
We only see one full orc, but it's scarier than dozens of Hobbit ones. Seriously, the practical effects, the slow creepiness of the scene, and the sheer power and cunning of the thing make it terrifying.
I do dislike how quickly characters manage to travel. Elrond and Celebrimbor get from Ergion to the Dimril Gate in only seconds of screentime, and while it could easily have been many days offscreen, there's no hint of anything like that.
I still think the Stranger ("Meteor Man") is a Blue Wizard, but there are hints that he could be an amnesiac Sauron—the music is similar, and after he uses fireflies to show certain stars to the Harfoots, the insects curl up and die.
Overall, I love this show so far. As John Rhys-Davies said, the jury is still out on how true it is to canon. I think it's just gonna remain a poor adaption but a good show.