Finished S2 and I found it to be quite a slog. Some of the storylines just kind of sit there, with no dramatic tension or compelling narrative to them. Like the Numenor stuff, couldn't figure out why I should care.
Part of the problem is acting. Sauron is great but much of the acting is not good or miscast. Galadriel is the biggest offender.
The dwarves are interesting, the Sauron angle was good. Everything else just meanders.
The whole Gandalf thing is weak. Through two seasons, his character arc is just him stumbling along looking confused.
The show seems to exist to fill in the Tolkien lore. If you don't live and breathe that stuff, it's very hard to care about much of what happens.
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