Not a bad game.
Gameplay: Fun. A few noticeable bugs, like some of the combos must actually be done in another order than it says in your combo list, but it's a good game. People say the Hobbits are very weak and no fun to play with... I'm still in the middle of the game, so I only have Sam, and maybe he's better than the other ones, but I always do better with Sam! He advances into Excellent and Perfect mode very fast and in general seems to be a better fighter than Aragorn or Legolas, who are still stuck getting pwnt by the King of the *&^% dead. Gandalf is very good, but you would kinda expect that.
One time when I was playing in Co-op mode I *did* beat the King of the Dead, but my friend hadn't played much and we got stuck on the way back out of the cave. In single player I haven't done much more than get him to 60% health, although I did survive many waves in the process.
Anyway, luckily you can take the Path of the Wizard and the Path of the Hobbit to earn XP (XD) to spend on upgrades, some of which are Fellowship upgrades. When Aragorn has a bunch of killer combos (and Strength of the Fellowship) I'll try it again.
Graphics: I wouldn't know. For some reason even though I have a good enough PC to run the graphics on their highest settings on most games, I have to leave it down on a 640 x 480 resolution, which looks even worse on my 1600 x 1200 laptop.
Sound: Good enough. I don't really notice it at all.
Value: High. It's got a lot to unlock, so you'll be playing for a while if you like it.
Reviewer's Tilt: Very high. It's a fun game. (I think... @*#& king of the !@*# dead.)
One last note: Don't buy any individual upgrades that can also be bought as Fellowship upgrades: it won't lower the fellowship cost. Just save up.