The One Ring's early reporting on the new project was spotty - insisting that the show was about "Young Aragorn" long after that idea had been rejected - but their recent reporting has been more reliable, revealing several pieces of information before it was confirmed by Amazon, so this appears to be reliable.
The synopsis leaves out a lot of information - such as the show's actual name, since just calling it The Lord of the Rings will be confusing - but it does confirm a lot of the information that's been released over the past year and a half or so. The show will indeed be set in the Second Age of Middle-earth and will deal with the island kingdom of Númenor, the elven kingdom of Lindon and the first rise to power of the Dark Lord Sauron.
Not confirmed in this summary, but now overwhelmingly likely, is that the series will deal with the forging of the Rings of Power by Sauron some 5,000 years before the events of The Hobbit and The Lord of the Rings. The series as a whole, which Amazon envisages as spanning five seasons, may cover a period of many centuries or even millennia, spanning the long-running conflict between Sauron and the elves of Middle-earth, aided by their redoubtable ally of Númenor, a great island-empire in the western ocean and forerunner to the later kingdom of Gondor.
Lord of the Rings: The Second Age (tbc) is currently filming in New Zealand, with the production based in Auckland. Filming took a break over Christmas and the New Year but is due to resume shortly. It is unclear when the show will premiere, but with production expected to run for several months (having been underway since September, with the first two episodes shot back in February-March) and extensive post-production being required, it may be that the series will not debut until 2022.
More news as it emerges.