A great card.
Placing 1 progress (or 2 if Forest) on a location is equivalent to a point of . So the equivalent 2 for 2 cost, at least on the first turn of play, is an excellent return.
Pair this with Celeborn to get an even stronger first played use. And after chump blocking with it, re-use it with Silvan bounce back cards such as Dwarven Tomb, Stand and Fight, Will of the West, and the out of sphere but powerful Orophin.
Another note on the bonus - as noted in my review for Lórien Guide: The ability to place a progress token on an active location is essentially "quest fail insurance" that lets the player explore a "one point remaining active location" and move to another active location that turn. This reduces the , and thus the needed the next turn, by up to 5 !