Ah, Ered Luin. Starter zone of both elves and dorfs and a very pretty one at that. Even though both races start in this zone (after the intro), they both start at a different point.
You'll see the northern half is icy and kind of a prelude to the Misty Mountains, while the south is green and a prelude to Lothlorien.
The quests are decent here but don't reach the level of an Evendim or Moria. The storyline is good though as you explore the growing enmity between dwarfs and elves or combat other foes like goblins and Dourhands.
Quests flow nicely towards the center (though the elves' flow seems slightly better than the dwarfs') and you'll reach the end of the zone quite smoothly. (People who like to do so can complete both parts and I recommend it for deeds)
After you're done, it's time to follow the letter you received to Bree to get those last levels to 20.
Later on, you'll visit this region again for Sarnúr. A lvl 45 dungeon that has lots of mobs that drop rep items for Thorin's Hall. You'll want this to be able to buy a goat for in Moria. (Or you could farm it in Forochel. There's another good spot there.)
Price/Value: 5/5 (Duh, it's free!)
Storyline: 3.5/5 (The dwarf vs elf questline is nice, but the other quests lack slightly)
Quest Progression: 4/5 (The elf line is smooth enough but some dwarf quests send you all around)
Atmosphere: 4/5 (Varied locations, Thorin's Hall looks awesome. Quaint elf villages.)
Because it's free, there's obviously no choice in getting it. It's nice that this free content is decent though.