People say that the whole Southlands was a waste. But was it? The reason Sauron wanted it so bad is because he wanted a diversion war while he had his minions create the volcanic eruption that resulted in Mount Doom. He wanted to take over that land while attracting as many there to their death as possible. Meanwhile, unbeknownst to anyone, he had the first ring, the ONE ring forged there. But of course he couldn't use it for power unless he had others he could control. So the other three made by the elves were done so by his mind control so that he could rule them. At the end, both Celebrimbor and Galadriel were under his mind control and Elrond was not.
And yeah it's obvious that the bearded one is Gandalf OR Saruman. We will likely see the entire council of wizards. Part of me wonders if Elrond seeks the wizards in order to release Galadriel from the ring's control.
This show started off slow, but got really good in the last 3 episodes. Now there's truly (at least in me) a feeling of not wanting to wait to see what happens next.