With you Scurv (on the game, not the, uh, ladies...):
Goblins, dwarves, Bilbo, Gandalf - really nice models;
Great Goblin - not great;
Scenery - OK, I do like the great Goblin's poop pot

Rules - looking good. Complete ruleset (including sieges), lots of new rules for weapons (whips and picks and the like), and big monsters get some scary new options to make them suitably nasty again (Hurl and Rend are the ones that I remember - yes, you can throw smaller opponents around). After a very short glance through, these seem like a sensible rounding out of the LotR rules.
Downside - the only stats in the boxed game are for the models in the box, and no points values ("The scenarios in the box are perfectly balanced" said the blackshirt in the shop). So the starts for Bolg, hunter orcs, etc. are on the GW website, and their points costs and special rules are in... the £50 hardback. Probably won't be buying into this just for that reason, although I may pick up a couple of the individual boxes at discount. I'll see what the rules booklet goes for on eBay, although most likely the jokers will be charging £20.