In 2 episodes…
They’ve established the backstory.
There is already a conflict within the elves.
Galadriel meets a human who seems like he will be important.
Elrond has a contest with a dwarf as a negotiation tactic.
Orcs are now tunneling under villages to steal the human inhabitants.
We meet proto-hobbits and a man who fell from the sky.
So… basically nothing happened?