I would have to say no. In Turbine's defense, they did try their very best to stay true to the books, but because this is an MMO with technical and gameplay restrictions, too many sacrifices were made to call this canon. So yeah, I agree with the post above that called it fanfic.
Too many things that just go against the lore, like rune keepers, Beorning class, and disposable LIs.
But they did give it the "ol' college try" though, and did a good job.
Life is not a journey to the grave with the intention of arriving safely in a well preserved body, but rather to skid in broadside, totally worn out & proclaiming "WOW, what a ride!"
[I][FONT=comic sans ms][COLOR=#ffff00]Continuing the never ending battle to keep Lobelia Sackville-Baggins in check[/COLOR][/FONT][/I]