It's true that the game is very easy, but no moreso than WoW. I personally find the game to be a lot of fun. The gameplay itself is nearly identical to WoW... and the things that are different are fairly small. The storyline though is far better than WoW... there are fewer races and classes of course but the ones they have fit the world well, fit the storyline of course, and you don't have half of the playerbase that you aren't allowed to interact with, which is something i always hated about WoW. Ideally if I had all the time in the world to play, I'd prefer the game to be a lot more challenging... but my playtime is pretty limited and I just want to be able to log in for a couple of hours with a friend of mine and play for a bit.... and this game is perfect for that. I also haven't found the game to be terribly buggy, but the lag in town and cities is really terrible at times. One thing I liked about WoW was the quest driven nature of it... and LOTRO works the same way. There is prehaps even more emphasis on questing than mindless grinding because the xp that you get from killing is really pittiful compared to the xp you get for completing a quest. I really like how they have an "epic" quest line that takes you through the major storyline of the game, that is separate from all of the other quests that you can choose to do along the way..
All in all, it's well worth the pre-order considering the reduced monthly fee, or if you have the money to pay upfront $200 for a lifetime membership is a pretty good deal.... if I wasn't so broke that's the way I'd go.