JonnyDBrit
Member
It is, and it's great. Going places soon too, since Turbine abandoned it and the (very involved and caring) original creators picked it up under the brand of "Standing Stone Games" as independent devs, with a graphical overhaul of character models already announced.
Wait, seriously? Holy shit, I may have to get back into the game again if that's true.
Otherwise, the problem any potential RPG seeking to do an original story within Tolkien's world is just how monumentally iconic it is, but the most iconic parts are the sort of thing you'd have to avoid or work around, unless you wanna just take The Third Age's 'one step behind' approach. You'd have to overcome people's urge to see things completely familiar to them from the films or novel trilogy; doable, but difficult.
If wanting to be able to indulge in some familiarity, one would probably have to take the approach used by the old Middle-earth Role Playing game - set it in the past. If one was wanting more in the way of utter freedom to play around with the details, even at the cost of being able to use the most iconic elements of the universe, the solution would be to go into the fringes of the world Tolkien created, where even he didn't provide much in the way of details. Set a story in Far Harad, while Sauron is courting the men there to serve in his armies, or something like that.