Well, I finally got it, and now the video settings actually work. Before, the game only ran on lowest settings, without shadows or anything.
Even with the full settings, the game still looks quite.. uninspired and dull.
If you are a fan of Tolkien apart from the movies, better don't play it.
In case you can resist screaming out of frustration while playing, try scratching everything from your memory, don't take this game as part of the lore - it just kinda looks like LotR, used some settings and names, but does not feel like it at all.
Bree, the first area of the game which you will backtravel to a lot, feels empty and quite lifeless, Fornost feels small and insignificant, combat feels clunky and misdirected (which does not just describe the lack of a targeting system), dialogues feel artificial...
Ah, well, if it was a title for 15 bucks, I'd probably go for it without huge regrets, but as it is, I am forcing myself through the game - and re-recording everything multiple times due to bugged settings, bugged recordings (hello, lack of sound) and so on doesn't make it any better.
To close this post, I'll leave you with two videos of Bree - one with the game rejecting your video settings, the other with working maxed settings.