Speaking as one who owns the book, I must say I am tremendously satisfied. True, more original artwork would have been nice, but I love the way they integrated the text and the movie stills. Although I do have some minor issues with it, I feel that the coda system is perfect for doing a low-magic fantasy campaign. I am still in the process of working out my homebrew world with which to play in and I have decided to use the LotR ruleset as the basis for it. The game is less mechanically focused than D&D and brings back a sense of mystery and awe, especially for magic. I like the fact that skills and social values are emphasized and given tangible in-game effects when used properly. The combat portion of the game is less tactical than 3e for certain but fighter-types still have plenty of options open to them. The presence of "mook" rules, sadly absent from 3e, allow the players to face "overwhelming odds" and come out virtually unscathed and victorious, the stuff of legends.
This is a wonderful, wonderful book and I urge anyone, not just fans of the series though they will probably enjoy it the most, to pick it up. If nothing else, steal some ideas to use in your existing 3e game. This is especially true of Courage, Corruption and Contests of Will.