As others have said, it is strongly reminiscent of the old ps2 lotr games, in a good way. The combat is very responsive and your weapons have a good amount of weight to them. The enemy variety is good, with new enemies being introduced most levels. There is a high turnover of equipment, and drops are frequent. I am on my second playthrough, and must say that the game gets easier the higher level you are, as you no longer have to focus on one talent tree. You will still need to use proper tactics to kill things though, and you will still have difficulty with some stages.
The RPG questing and town hubs have not been fleshed out very well though, and in practice exist as little more than a way to further the plot. All of the important characters from the film have been voiced poorly, and some characters are laughably bad (looking at YOU Radagast). Furthermore, there are numerous serious glitches, such as one area that can render you unable to progress in the game without playing online or making a new save game. You really need to play online to get the most out of this game, as you simply miss out on so much playing alone, especially considering the lacklustre town/questing elements.
Overall, with at least one other companion, you should have many hours of fun with this game, especially if you are Lotr fans. If you can look past its flaws and enjoy it for what it is, an incredibly visceral and gorey hack and slash game, you will not regret purchasing it.