As with Lorien, it's tough to imagine a lot of the usual roleplaying game hijinks of door-kicking brouhahas going down in Rivendell. In game terms, it would likely be used much as it is in the book and movies - a haven and rest stop for the good guys as they wander around fighting evil. However, just as with Lorien also, the source material shows just how interesting it could be for players who want their characters to interact with the setting. Lots of palaver takes place, plans are made, and alliances are forged in Rivendell.
Trouble is, this book doesn't really deal much with anything like that. Instead, there is, as with all of ICE's Middle-earth game books, an overview of the area, with flora and fauna discussed, the cultures of men and elves are given a brief pass, and there is a cursory rundown of the history of the place. There are charts (well, of course there are!) of animals, characters, and, intriguingly, herbs. There's a lotta herb use in Middle-earth (well, of course there is!).
This book reflects how Rivendell was in the book pretty well, though as I mentioned elsewhere, ICE's Middle-earth books are pretty heavy on "crunch." That is, the game statistics take up a significant amount of the space in the book. There isn't much discussion of what to actually do here, unless you like playing out your character sitting around on the porch smoking pipeweed. I mean, there isn't a Council of Elrond everyday, and presumably most of the heavy hitters are out and about doing good deeds like beating up orcs most of the time. Elrond can be assumed to be home most of the time, I suppose, but I doubt players could have their characters pester him much before they got the boot. Characters could go to hang out with the more flighty Silvan Elves, sure, but how much singing and dancing would they be able to stomach?
Pretty soon, player characters would be avoiding the place...
Anyway, the book is nice, though not very inspiring. Rivendell isn't, in itself, going to be an exciting adventure location, except for really roleplay-intensive games.