I have played since the game came out, but never took an interest in the RotK block until just recently, when I found TLHH and Gemp over the weekend woohoo!
When the set came into print, I was resistant to the idea of initiative (dang it, I wanna clear out the cards if my hand gets clogged) and wasn't keen on threats (nostalgic for the good ol' days of minions doing their own dirty work)
However...since discovering Gemp (and therefore not having to spend real $ if a deck idea flops), I have found it pretty fun exploring the options.
I agree that this block is largely outclassed by other blocks. My first attempts at bringing a RotK block deck to a Movie block game ("what's the worst that could happen?") turned out to be like bringing a knife...or a potato...to a gun fight - it was boiled, mashed, and stuck into a stew. However, I am not dismissive of the block as a whole.
No, I don't hold it in the same regard as Fellowship, Towers, or Towers Standard, but RotK has it's own charm - like playing big Gondor/Rohan fellowships, and allowing shadow players to combat them with otherwise dusty cards that seldom see use in other formats.
Bottom line(S): While I don't see the RotK block as a contender in a turbocharged race, I can still enjoy it in a demolition derby.