Very hard to watch for different reasons. It doesn't withstand the comparison with any other LotR-production one usually knows. This quality would easily be reached and even topped by amateur filmmakers anywhere in the world. Horrible soft focus senselessly used in so many of its scenes and sound and especially the choice of music (the few tracks they repetetively play): Really bad! All in all it's a torture for the eyes and ears most of its nearly two hours length!
The costume design is less fitting than it is in every Eastern European fairytale movie of any year of production I ever watched. And it seems they only had that one snowy afternoon when they lent a few horses from a farmer nearby to film all their outdoor scenes at once.
I suppose most of the actors being stage actors and not that bad at all, but each possibly promising approach lying in this is ruined by the very poor technical and other execution. Finally the only interesting thing with it is to have a look with a LotR-fan's eye how exactly they did interpret things and transpose them to their version. But that nowhere near makes it a worthwhile movie experience.