This deck trades threat for power. You sacrifice threat to ready Boromir, play with ally Gandalf, draw cards with Deep Knowledge, and (most importantly) forecast the encounter deck with the Palantir.
This deck can be run solo, but it really shines in multi-player. Play Song of Eärendil on other player's characters so that they can absorb some of your threat increases. Reduce your threat quickly and efficiently with Elrond's Counsel. And, once per game, reduce your threat back down to its starting value of 28 with Aragorn. You can share this ability with the other players via Desperate Alliance.
Finding the Palantir is paramount. The deck is full of card draw to help you accomplish this - Master of the Forge, Daeron's Runes, and Deep Knowledge should all help with this goal.
Once you've found the Palantir, it completely changes the way you play the game, allowing you and the other players to plan around 3 of the encounter cards that will be revealed during staging. And don't forget the excellent card draw it affords you. Minas Tirith Lampwright allows you to easily avoid entire encounter cards. Protector of Lórien gives you something to do with all those extra cards.