I have been in Lord of the Rings Online beta (European) since January, and enjoying my time greatly. Since NDA was lifted a little while ago, I can speak about it openly now. I'm in another beta too, but that one is still closed and under NDA, so no more about that.
LotRO is quite interesting a game. It has tons of quests available, and you're pretty much guaranteed (at least up to lvl 25 where I have played to) to have multiple quests in your log at all times. There's crafting, though items are not customizable like in HZ (one form, one item, no teching). Graphics are qutie amazing if you have power to run them. Because pictures are worth a thousand words, here's a scenic shot from Michel Delving, in the Shire:
http://img80.imageshack.us/img80/723...ot00078vj4.jpg.
There's also the Monster Play aka PvMP, where you can control one of the monsters. A region of the map has been set aside as PvMP zone, where player-controlled level 50 monsters can roam, and players that feel they can take onthe challenge can come and fight. Monsters have their own quests too, and gather Destiny points to buy abilities, but they get no exp as they are capped out already (at least 50 is the cap at the moment).
After the fumble that was DDO, Turbine may have gotten the clue in LotRO.