I've enjoyed the current two episodes for the most part. I do kind of wish that the elves were a bit more fey; I quite like Galadriel's high-mindedness, and would have liked to see a bit more of that from the rest of the elven side of the story (Elrond gets a pass here as I feel like being even-tempered is probably one of his fundamental character traits). Ultimately the show went for a more human-accessible take, which is fine, but if they are going to do that I'd have preferred they keep a closer focus on the human stories.
In particular, the Arondir/Bronwyn story feels heavy-handed so far, and I just can't see this Gil-Galad wielding Aeglos on the slopes of Mount Doom. Maybe they'll turn it around.
The harfoots have been fun to watch. I don't understand the link the story was trying to draw between then Stranger's broken twig and the dad's broken ankle, though. Was he trying to warn Nori? Is he accidentally prophetic? I don't get it.
I'm also not really sure what they're doing with Galadriel-adrift-at-sea; the sea-monster bit in particular felt like a bit of unresolved "and-then-this-happened" storytelling.
All that said, apart from the visuals, I've really enjoyed the orcs-and-dark-magic scene, most of the Galadriel and Elrond scenes, and Bronwyn and Theo taking on the orc. The scenes with the Stranger I feel I can't judge until we see the payoff, but they have the potential to be good as well.
I have a bet with myself that Galadriel will somehow be responsible for Sauron fully taking on 'The Eye' as his identity. Like, I know his sigil currently looks like an eye so maybe we'll find out he's already taken that on, but I'm expecting her to cause him to lose one of his eyes, or something similar.
having a Valinorean elf, daughter of Finarfin, being bossed around by one of her lesser cousins (because that's what Gil-Galad is),
I mean, he is High King of the Noldor in Middle-earth. The problem here is that Galadriel is the youngest child of the youngest child of Finwe; a lot of systems of organising succession would place her as one of the last choices for the crown (I spent the last hour or so looking over the relevant family trees trying to tease out what their system is, a process which isn't helped by the fact that Gil-Galad's placement in the Silmarillion seems to be regarded as questionable if not actually incorrect, including by Christopher Tolkien apparently)
You could argue that "High King of the Noldor" didn't actually carry that much weight in the books, but I think by the Second Age everyone's calmed down a bit and generally acknowledges Gil-Galad's rule.
I realise this is the finickiest of tangential points; I'm mostly making it to try justifying the time I just spent looking at fictional family trees.
and making her travel to Valinor against the ban of the Valar DOES "offensively contradict" things they don't have the rights to, as far as I'm concerned.
I think it's hard to say things like this contradict other works they don't have the rights to, when, like Tolkien's elves, those sources say both 'yes' and 'no'. At least one version of the story has her refusing the pardon of the Valar out of pride (as opposed to an edict banning her return). Maybe that was part of the appeal of choosing Galadriel as one of the main through-lines of the new story - her story in the sources is all over the shop, giving the writers cover whilst still staying within the rights of what they do have.
[Edited for clarity]