It's very adherent to the literature while taking a looser interpretation of Tolkien's words. The only issue with Galadriel is how undiplomatic she is, her temperament is about right. Furthermore, this taps into the heart of Tolkien more than any media has, actually scraping at the religious undertones that drives the fantastical plot beyond the mortal races.
RoP is not a great show. Arguably, it's not a good show. But there's love and dedication put into it.