Can be a very fun and entertaining game, if it hits you just right.
The attack system can be a little complicated, but should quickly become second nature to you. After you're a bit of a veteran, you'll be completing complicated combos on everyone, even evading attacks, and countering. One big flaw, that mostly affects the combat system, is the camera. It can get very claustrophobic and awkward at times. But eventually you'll learn to manage it a bit better.
The audio is nothing special, I listen to my Ipod most of the time while I play. The sound effects are par, and the voice acting's nothing extraordinary, but definitely gets the job done.
Graphically speaking, EOE was on the upper end of the spectrum when released, now it'd be considered low-mid. Still, the graphics don't hold you back in any way from enjoying the game.
The story mode is something of a drawback, however, as on your first time through, you'll probably finish within 5-6 hours. There is plenty of replay value here, although. Each of your weapons (including hand to hand) can be leveled up. They don't become faster or more powerful, but you do get bigger combos and such as you level from level 1-5. Also, you get a new, totally kick-ass weapon on your second time through the game. It almost makes you not want to go back to the other weapons, since it's tied for the fastest weapon in the game, while tying for most powerful as well.
There is a small puzzle aspect to the game, but nothing a 10 year old would have much trouble overcoming. I'd say that by now, I could finish the game in about 1/2 hour. It's fun just playing through it occasionally.
Simply put, there are some flaws, but for the value right now (you can get it for like $5 on ebay), EOE is a great buy. You'll have plenty of fun, and a great replay game to hit up when it's raining and you just can't seem to log into Final Fantasy XI (or whatever MMO you might be playing). There, I said it.