The songs are top-notch, which is good because they compose 90% of the movie. The in-between bits are serviceable - but they're not what you're here for. Fun film with a good (if a bit on-the-nose) message.
Tolkien is a touching story of fellowship, love, trials, and the value of creativity. Forced LoTR imagery aside (trust your audience! we don't need to be spoon-fed wraiths and Saurons, we see it without the CGI, trust us!), this film really has few enough missteps and enough depth and nuance to merit a re-watch or two down the road.