For me (and already noted above), the Silm's themes that are touched upon are wrapped around the Fall from grace, and the Loss of perfection. First with the Vala, then trickling down to all other sentient beings. Tragic enough, yet compelling to account the Heroics in which the players engage in. Men (IMO) is where the optimistism turns it around. Grim work yes - from the very beginning men find themselves on an already dirty battlefield. Here we find another tragedy: the beginning of the end for the elves. But in the second born we see Hope.
As in most Heroic sagas, Tragedy and Heroism are mutual partners. You cant have one without the other.