I don't have any problems with the racial changes that many critics seem to claim. It might make sense from a genetic drift standpoint in LOTR to make all Dwarves or All Elves of African decent, but if they want to do it with the more colorblind approach I suppose that is fine too. It really doesn't change the story of Lord of the Rings.
I also am generally okay with making sexuality based changes or even a gender flip, as long as it doesn't really affect the plot.
My problems with adaptions are where they change the narrative, plot critical points, and so on in a faithless manner. If they need to remove less important plot elements because of time, sure that is okay. If they change the basic story so they can add a bunch of stuff they just made up? Nah that is faithless.