Indeed. The risk of CGI spectacle over coherent character is ever higher. I would actually be amazed if this was any good but then for me Tolkien has a high bar.
What have they released so far that tells us its a CGI spectacle though? It looks completely the opposite to me, they've gone back to practical effects. The set for the Numenor City for example is said to be gigantic, several city blocks including the wharf. The shot of the calvary charge for example is incredible. Compare that shot to the shite we got in the Hobbit, the difference is night and day.
Obviously parts of this is going to have to rely on CGI just like LOTR needed CGI too, but the Hobbit took far too many liberties with CGI while based on the footage we've seen so far this seems not to be.
@Big Andy - There were calls for nudity casting which panicked a lot of people, but the showrunners confirmed that this was for specific scenes related to torture and it'd be brief. So my guess is that due to the show being fairly dark at times they're going for the 16+ age range.