Absolutely wonderful if you are a true fan

I cannot imagine how you can be a great fan of Tolkien's work and not love this film.
No, it's not packed full of traditional drama, and if you don't have a passionate interest in his work, the movie is probably very dull. If I didn't love Tolkiens work and know it and his life quite well, this film would be extremely boring.
But every scene, every minute is packed full of references to his writing and how it was influenced by his life and for a passionate fan that is fascinating. F.ex. if you know that Edith did dance for him in the woods and this became a scene in his tales where Luthien dances for Beren. There are a 1000 examples like this in the film.
The director obviously has a deep knowledge and passion for Tolkiens works.

So no, not a movie for the average audience, just for those who are both fans, and have an interest in how his life informed his writing.