I'd like this a lot better if the elven dialogue was actually well written. If you are going to write poetic dialogue at least try to write something that makes sense, and stop using unnecessary linking words. It's poetry, not an essay. Could have easily lifted some stuff from Tolkien, or hired poet to write for them, instead we get incoherent word-soup. The least they could do was hide their incompetence by having the actors speak elvish...
There are a lot of positives too though. Production value is exceptional - costumes, props and scenery is top notch and the CGI is breathtaking. The plot has potential to be interesting. The show is far less violent than others of the same genre, and that is a good thing. It doesn't linger on senseless and gratiotius violence.
For me it falls apart with the casting and dialogue writing. The acting is so-so from the main cast, but honestly I blame the writing for that. A bit like the Star Wars prequels. The main cast all seem like decent enough actors, but they could have spent a little more time on casting extras who have speaking roles - as they just aren't up for it.
The elves are.. fine... but I mean.. none of them look like elves as described by Tolkien. The skin colour of one of them is not the issue, the main issue is that most of them just aren't attractive enough. Which is surprising given that they had no problem with that for the movies. Galadriel isn't too far off though. Gil-galad has no gravitas what so ever, never feels like a high king and is as poorly cast as the other "extra" elves.
In terms of diversity I think they went in half-hearted and through that made it a bigger issue than it needed to be. Sticking a single black elf in a group of exclusively white elves feels silly. They should have added far more black elves. Having just one in a sea of white makes him feel out of place, instead of being a natural part of the elven world. Which they easily could have achieved by having more black elves. They did the same with the harefoots.
I've only watched the first episode, so hopefully it picks up, and the writing for the elves change as they get into the story. I hear the dwarves are great so I look forward to that. I really hope the casting of extras and minor roles improves, and this was just the growing pains of a pilot episode.