Yeah it definitely isn't for everyone. When you compare it to other MMO's it certainly has strong pro's AND cons.
I enjoy the PVE in this one immensely. Enough not to make me even bother with the "Monster play PVP" part. Thing is, pvp goes against the LOTRO lore.
Yes, elves & dwarves & humans were at loggerheads, but that's before this setting. If you're a fan of the books (not just the movies), you'll really enjoy the leveling experience in this game a lot more than striving for end game raiding etc.
Doing skirmishes are much more fun right now. It's pretty much co-op battlegrounds where you get an NPC soldier whom you train up with skills etc. The skirmish marks (emblems) you get from it can be used to buy you gear/cosmetic items/rep or skills for your skirmish NPC. Skirmishes are battles that took place at key points in the lore - and you have to relive those battles and conquer the end bosses.
Also the complete customization of each person's character means there's not a "cookie cutter" build that 99.9% of the players use.
As for the crafting, it makes a great deal more sense to me than WoW's. I'm thoroughly enjoying it.