Rings of Power, visually, is nothing short of stunning. I argue that from a production design, cinematography and CGI perspective, it's better than any of the original 6. LOTR was ambitious but it's showing 20 years of aging, and there was some choices even at the time that were off (like Peter Jackson playing with different film in his edits).
Seriously - Rings of Power even took some of the LOTR designs and made them better (the Orcs in the forest and the one in episode 2 are really really cool).
The writing though hasn't engaged me yet. 2 episodes in and only 8 for the season, I'd have expected more intrigure for me 1/4 into the season. I get they want an A, B and C plotline to lean into the success of GoT and rich history of source material, but something needs to happen.