RPG Vault provides their coverage of a recent Lord of the Rings Online media event held by Turbine and Midway:
As outlined by Turbine CEO Jeff Anderson, the team's primary goal is to re-create the world in which The Lord of the Rings takes place. To this end, although players won't travel with the Fellowship, the game will offer the chance to visit many locations from the books, as well as the chance to interact with NPCs such as Strider and Gandalf. The title will launch with four playable races including Hobbits, Elves, Humans and Dwarves. For the last of these, only males were in the build we played. Also of note, the Elves are apparently of the woodland variety, not the powerful High Elves, while the Humans are not the mighty Dúnedain (men of Numenor). Regardless of which you choose, it's possible to customize many visual aspects of your character to fit your personal preferences.