Obviously nothing can live up to the expectations that original Lord of the Rings Trilogy gave us. There are a lot of ways that this show could completely fail under the shadow of the past iterations of this world, but the first two episodes are quite enjoyable. The show did not try to remake the Lord of the Rings that we know. There is still the magic and light humor of Middle Earth, the grand conflicts, moments of horror, and fantastic acting that we are accustomed to but it's unfair to compare it to films that have been idolized for two decades. This is a new IP, and a new take on Middle Earth, give it a chance.
