I would of course love it if they managed to deliver an awesome show that stayed perfectly true to the original.But I remain extremely disappointed by the decision to compress 1700+ years of Middle-earth history into a few years (maybe a decade) for the series.
But the chronology problem is huge. I spent a lot of time trying to think of how to square that circle and I just don't see a good answer. If they stuck to the original timeline, they would either a) have to skip the forging of the Rings, b) skip Sauron's defeat by the Last Alliance, or c) focus exclusively on elf protagonists and swap out the rest of the cast each season. None of those leads to a compelling story.
The one solution I came up with was to skip the Rings entirely and devote the show to the last days of Numenor. But then you're left with only scraps of plot and characters to work with, and have to make up almost everything out of whole cloth. Compressing the timeline makes it possible to bring in so much more material, and maintains the Ring as a point of continuity with the trilogy.
(And let's be honest, Tolkien's chronologies could get pretty absurd. Much as I love LotR, it was a major culprit in inspiring fantasy timelines where basically nothing changes for thousands of years. I suspect that Tolkien himself would have done something similar if he'd ever set out to write a novel--not a Silmarillion-type collection of legends but a novel like the Hobbit or LotR--set in the Second Age.)