The first Battle for Middle Earth was also a decent game, but it also had the feel of an RTS light.
The hack n' slash console games, while not exactly a deep experience, were amazingly fun and well designed. The movies ended up being incredible though, and while the barrage of products and cash-ins has often been on the tacky side, enough people get it right that the whole mess almost feels worth it sometimes.
I could never imagine it truly exploited. One thing I found comforting is that the books felt unfilmable to me. Growing up I read the books time after time after time. Lord of the Rings is everywhere, from toys to art books, videogames, and posters. You have to wonder what Tolkien would think if he walked around a Best Buy these days. Lord of the Rings: Battle for Middle-Earth II