Some elements of the streamlined character creation actually weaken the flavor of the One Ring’s unique setting and create probably unforeseen constraints on character creation.
The removal of Backgrounds is a shame. Without them I think it can be difficult to differentiate how the different cultures live their daily lives in Middle-earth, and instead of imbuing a new character with a past and a history (similar to the good thing about say Burning Wheel where you enrich the character by informing their abilities from life paths), it has now been reduced to a chart with six stat packages and zero context for what those mean within the culture.
It was nice in the old version to understand for example how the mixing of traits and attributes made one fit for a life as a door warden or a river trader, a hunter or a soldier. Now we have a stat block for parsimony but nothing attached to it.
Worse, player’s Trait selection is now sharply limited by Culture. That will tend to make characters from the same culture more similar, but that seems a against the spirit of the books, where we see very different personalities among Dwarves, Elves, and Men even from the same families or kin groups.
Why should a Dwarf character not be able to select Patient or Vengeful? Why should a Barding be prohibited from being Clever? That makes no sense. It is out of step with both being able to better personalize characters and the source material. I don’t think this was the intention of the authors, but merely an organizational tool so that heroic cultures only span two pages each and not four. Understandable, but this seems awfully limiting of the types of characters players can create as a result.