I'm not entirely sure of the setting for the series. I have heard both that it is set in the Second Age and in the Third. Akallabęth strikes nearest my heart (as is natural, I think, for any of our race), so the former is preferable to my mind.
But I am with Santantonio. I have little hope that the writers will restrain themselves and keep faithfully to the canon (if it is even possible to come to consensus about what constitutes the canon). I am convinced that whatever it will be, Tolkien would have hated it.
EDIT: Looking at the image more closely, is that Laurelin and Telperion? If so, it must be set in the Years of the Trees. I wonder if it's a depiction of Tirion?