Battle for Middle Earth would have been a decent game, IMO, if they had added a "slow" setting. It has very nice graphics/sound/production values and fair RPS combat, but it is all too frenetic and fast for me - pretty much a standard RTS. It is worth playing just for the Helm's Deep and Pelennor Fields battles in the Good campaign, which are very well done.

IMO, the best strategic LOTR game is the Middle Earth (Allies) scenario a player made for Heroes of Might and Magic III. Not only is it very evocative of LOTR, I also find it the best Homm3 map I have played (I admit an enormous LOTR tilt here). It only takes up a (long) evening to play, but is worth checking out if you have Homm3.

But the most substantial good LOTR game, IMO, is the Last Days mod for Mount and Blade. It is absolutely stunning. It has all the great combat and levelling fun of Mount and Blade. Plus it also has a passable strategic layer, as you raise a warband across Middle Earth and then rout the Great Hosts of your enemies (while protecting your own). Graphically, it is gorgeous too.