I've played a few games of LotR and own the Fellowship boxed game, which contains the rather unusual combination of Moria Goblins and Last Alliance Men and Elves (2 forces which as far I know have never met) the rules are pretty good, not really much like GW's normal Warhammer based skirmish games (I have yet to read of play the new mass-battle LotR game). The game has some interesting mechanics like a Priority based turn system (works a little like initiative in D&D) and hero's Might Points (allowing Heroes to alter dice rolls their advantage) the first edition (the one I own) had movement and ranges written in both cm and Inches which is kinda confusing, but I believe they phased that out in later versions.
The miniatures are nice, but I'm not keen on the fact they are 25mm thus making them for the most part incompatible with the majority of my collection of 28/30mm fantasy miniatures. Having said that the monsters work well with larger models and the LotR range has allowed me to add a Balrog, a giant vampire-demon type thing, some Giant Spiders, a few different looking Trolls and some other critters to my collection.
I'd say in the game is worth a look if you like Tolkein and more specifically Peter Jackson's interpretation of it
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~The ravings of a single mad Goblin is bad enough, but such a power-hungry, malice-filled creature as Mortis can never hope to be understood~