I too am watching it and enjoying it. I never read The Silmarillion, but I think once the series concludes it'll stand as classic like the films and a nice starter when introducing someone to the Tolkien story from 'the beginning' for the live-action version.
I don't know what any the review 'bombings' are saying, I didn't notice anything that seemed weird. They use slot of techniques similar to Peter Jackson's films, which themselves weren't even fully 'accurate' to the novels. The spoken dialogue is also similarly very 'poetic' or Shakespearean (at least when it comes to Elves anyways)