It's been a month since my last visit on this thread (too busy with school work) but now I finally have some time to discuss with you
At the first time when I listened to this piece on the soundtrack, I was disappointed because the atmosphere didn't match with its name: Lothlorien. But now I think the song is more about the Fellowship entering this mysterious realm and their astonishment at its grandeur. Maybe this song's feeling is quite appropriate for people living under danger and whose culture is fading.
That some kind of a string instrument at the beginning sounds very interesting, very Oriental like
Encaitare said. Elizabeth Frazer's voice is somehow more "rough" than any other Elvish song's performer's. I think it's good for a lament, thogh. At 3:55 the style changes completely. It's now again all about the Fellowship and their journey. The brass instruments play a hopeful little melody which ends with a major chord. Though they've lost Gandalf, their mission still stands a chance.