It feels fake, not the realistic feel Jackson had. Similar to the fake feel the Hobbit had.
My 2 cents. It's not a good trailer, it's not bad. If there wasn't "before the ring" "before the fellowship" and a LOTR title, its indistinguishable from any other modern fantasy show. That being said, looking at the characters and knowing "that's Galadriel", "that's Elrond", "that's Durin" and you remember the Vanity Fair article, you have the sinking feeling that it's going to stink.