I don't know how you do it. Against my better judgement I tried watching episode 3 and shut it off once they introduced Isildur and Elendil. "This is Elendil! Get it?!" It reminded me of when Thranduil tells Legolas about Aragorn at the end of BOTFA. Just blunt stupidity. They just seem to be hitting all of the obligatory check marks with this show.
In a nutshell, what has actually happened? What's the story? I tried reading the wiki but was bored and confused.
So basically that Sauron sigil that he is carving into everything is actually a map of the Southlands... AKA Mordor. Galadriel realizes that it is a call to the servants of Mordor to found a land of their own. Galadriel tried to convince the Numenoreans to save the Southlands.
The Palantir are not the seeing stones that we know, but instead crystal balls that show the future. Miriel looks into one and it shows her the end of Numenor. She decides to send an expedition. Galadriel's shipwreck buddy, Halbrand, is the reluctant heir to the throne of the Southlands.
The Elves believe that their light is dying and Celebrimbor is trying to engineer a solution. They need mithril, which is the mythical fruit of a tree that had a Silmaril in it in the Misty Mountains. It is super extra magical and takes away the sickness that is killing the light of the Eldar. Bunch of politicking between Elrond and During to try and get it for Celebrimbor.
In the Southlands, orcs led by Adar, a corrupted elf, are searching for a a dark magic sword. They attack Bronwyn's village. Her son, Theo, found the sword. They try and fight the orcs off. They get the sword, but Numenor saves the day.
However, the orcs send a Sauron cultist with the magic sword to achieve their goal during the battle. Turns out its magic has no bearing, but it is the key to a device that opens a water reservoir and lets the water flow into those tunnels the orcs have been digging. They flow to Mount Doom and the water causes it to erupt and darken the land turning the Southlands into Mordor. Adar claims to have killed Sauron for sacrificing his orc babies in his plans.
King Durin shuts down his son's mithril mine (presumably giving the Elves just enough mithril to make rings) but throws a leaf down it which awakens the Balrog.
Halbrand was wounded in the battle and Galadriel is taking him to Eregion for Elvish medicine.
Some mystery box crap is happening with the Hobbits and the Meteor Man. He is being chased by some weird cultist folks. All of it is meaningless so far.
Like I keep telling everyone, if you want a genuinely good new fantasy series, come watch Interview with the Vampire on AMC. It is a seriously great adaptation.