But even the most powerful characters in the storyline as Sauron, Saruman or Gandalf had only some magical powers. Mostly they could influence some sort of element, could heal wounds and illness or could work magic and bind it to a material thing, as for a example a sword or the rings of power.
Even Anduril, the Flame of the West, Aragorn's sword, wasn't a magical weapon. Gandalf, the Grey didn't slaughter Orcs or Trolls with magic blows of spells, no he had Glamdring, an old and mighty, yet again not magical sword at his side. The only times he worked real high level magic it was against the Balrog of Moria, and then only defence stuff, the time he freed Theodred's mind from Saruman's grasp or when confronting the Nazghul, again only with a blinding light, not striking them down, but turning them away.
The setting of Middle Earth features a lot of magical abilities, especially the Elves are blessed with them: Immortality and all their special stuff, but that are more abilities then directly employed magical skills. Again, Galadriel and Elrond don't work wonders with their magic powers, but look into the hearts of people or heal wounds.
Imagine the battle for Helm's Deep within the Forgotten Realms of D&D.
Not a single spell was cast during that big and brutal fight, albthough Gandalf was there at the end. In a D&D setting this battle would have been dominated by spellcasters throwing lightning bolts, flames and explosions all around the valley. The Hornburg never would have been a safe retreat, as the castle walls would have been attacked by magic and would have been easily beaten.
Back to the topic of Magic in the RPG genre of LotRs: There is more than this subtle magic within Decipher's RPG, as player charactes would want to do a little bit more with their magic abilities. But there aren't the strong batlle spells available that clutter so many fantasy settings. Instead there are again spells closely tied to elements (raise fog, make fire, alright, there is a lightning bolt spell as well) or those spells that allow closeness to nature, like shapechanging into an animal, understand animals or things like that.
Well developed Sorcery spells could emulate this in a ME MRQ game.
If I was to GM one such game, I'd give the different species different special abilities, like walking undetected (Hobbits), Immortality and enhanced senses (Elves) and so on.