At least for me, Tolkien's work was always a slower pace, at times almost medidative experience. It's got suspense and action, but also a depiction of melancholy and beauty unlike anything else. And I feel the show is using these qualities well.
The dialogue, criticized by many, is actually very feasible and for the most part fits LOTR well (except a couple of infractions). Yes it's geeky, and sometimes unnecessarily heavy handed. Welcome to Middle Earth! That's part of the charm, and always has been, especially when something truly beautiful is being said.
I really don't know what expectations everyone had for this show, maybe a GOT clone, which thankfully it is not. Personally I feel like it was made for Tolkien fans like myself. I just hope they don't screw it up going forward.