An adaptation can't always be 100% true to the source material, but the LOTR trilogy is a near-perfect example of how source material can be adapted well into a different medium without abandoning its spirit.
I will be waiting to see what the reviews say after a season before I give it my time. I've been burned by too many shallow adaptations by people who seem to lack appreciation for the stories they're strip mining.
A series, however, has enough time and space that it could, at least in theory, be more true to the novel. I think the odds of that happening are low for other reasons, but higher than with a movie.
I don't have a dog in this particular fight, though. While I value the novel, I'm not an Apple TV subscriber, so I'll probably never see the series anyway.