LOTR RISK is by far my favorite Risk incarnation. I would certainly disagree that it is unbalanced, because it is simply Risk, or at least that is the way we always play it. My brothers and cousins and I never play Free Peoples vs. Evil, nor do we play with the Fellowship (destroying the Ring).
We just play straight up Risk… deal the territory cards, place your starting pieces and go at it like normal. In this way it is much more dynamic than classic Risk is. We do play with the Strongholds and the Ring Cards (which are really a lot of fun to play with).
The mountains, rivers, bridges, strongholds, sites of power and ring cards add so much variety to an otherwise completely one-dimensional game. Also, maybe this is my perception, but the map layout is much more fun than regular Risk. The connections among territories are much greater, creating a more compact but mobile defensive line. Additionally, Classic Risk tends to foster inaction, treaties and alliances and bad starting position if you are the last to place… while alliances and treaties can still occur in LOTR Risk, these problems are generally precluded. The board is much more open being able to only play with 4 teams and each person can have a legitimate shot at winning.
Overall, it is just much more dynamic than Classic Risk. Every game is not the same (as it usually is with Classic Risk). You have many more options.
(I am referencing the “Trilogy Edition” which includes Mordor, Gondor and Harad… which were left out of the first version of LOTR Risk that came out before it… FYI)