First reactions:
I'm a huge JJP fan but even I'm a little bummed right now looking at the artwork. I thought that the lower playfield artwork would contain more of the Shire and get "darker" (location wise) as you moved up the playfield or be split down the middle with good and evil like WOZ. Having the mountain artwork near the top of the playfield would have have been a better fit with Smaug in my opinion. The playfield artwork for WOZ just pops and is one of the best in pinball in my opinion but this leaves a lot to be desired after my first look.
The first Hobbit film can at times give off a relaxing vibe (idk how else to say it haha, think Fellowship of the Ring) with scenes of the Shire yet little of that is represented here. Charm is the word I'm looking for when I think about it.
Second look reactions:
The artwork is growing on me a bit and does look cool after I've looked at it for a while. I can see why some the design choices were made and the look fits well with the theme. To be fair we still need to see the game with all of its toys / features to judge it properly. WOZ's playfield artwork doesn't look nearly as impressive without its toys shown. Once I start thinking of TH with its character pop up toys, stainless steel ramps and metal rails I think the game is going to look amazing.