Well it's finally gone public F2P, after downloading a whopping ~10GB installer got it running.
The graphics look crisp, but the game itself and combat seems very boring. Right-click target, wait for it to die.
One benefit is that as my Turbine Account I use with DDO is premium status I was able to get an activation key from Turbine and add access to LoTRO to that account and also have premium status perks over there. Which is 3 characters per server and 5 gold, but from 2 characters and 1 gold limit for FREE players.