Fantastic production, mediocre story
This was clearly an act of love, and meticulous care was taken in location selection, costume, and visual effects. Minute-for-minute it cost 0.025% as much as The Lord of the Rings, but looks good enough for the big screen.
The acting and pacing were more than sufficient, with a strong lead.
However, the choice of story leads immediately to a big problem. As told in the book, there's really no conflict in the hunt for Gollum. This film's creators had to invent conflict via orcs and a Nazgul, which felt as forced as it was.
Also, there are multiple shots and lines which are lifted precisely from the LotR movies. They are effective for the same reasons they were in those movies, but it brought me out of the story. This isn't to say that everything was just copied, most of Aragorn's dialogue and mannerisms were original and interesting, particularly when he discovers the other ranger.
The point I'm left with is that these filmmaker's talents would have been far better spent on a better story. Something farther from the movies would have lent itself to more creativity in dialogue. There are unflimed stories better suited to a short subject in Tolkien's universe, such as the story of Turin, the kinslaying in Valinor, the forging of the rings, the disaster of the gladden fields, etc.
I hope the crew turns to a better story (Tolkien or otherwise) once they have a well-earned rest.