I cannot possibly sum this game up in such a small space, but can tell you it's quite enjoyable and immersive.
Gameplay: FFXI is not too innovative, it does what almost every other MMORPG has done or will do in the future. It's strength is that it does it very well, and I think offers more of it then what is included in other games. At the time of it's launch, no major bugs were present, and there was already a large community playing, along with many things to do. It's almost too many things to do, and when you first start out you will be spending a lot fo time just getting familiar with the environment. I think it was about 7 hours before I actually entered into any type of combat. The fact that you can do everything possible in the game with one character only adds to how overwhelmed you feel in the beginning.
When you actually do start fighting, you will be fighting worms and rabbits. Get used to them, you'll be killing these things throughout the entire game. You probably won't start out in any parties until about level 10, which is good since it will be about this time that you grow tired of the tedium of killing monsters by yourself. I'm not going to say that this game eliminates the xp crunch between levels, because it doesn't. You will be spending a lot of time fighting small monsters with others. However, it is these parties which will remind you why you are still playing this game. As you join and fight with different groups of people, you will be changing your strategy and playing style for each one (even more emphasis is placed on strategy the further you play). Because of this, you will need to experiment with different combinations of jobs, equipment, and races, and will find that you soon need to learn your niche or you will not get anywhere. This took me a while to find, a ridiculously large amount of time, and I'm surprised I didn't stop altogether. However, I eventually figured it out, and I doubt it will take you as long as it took me, so don't worry about it so much. Once you do all this (which will probably take a couple days so don't give up), you will find a very enjoyable game. Add in PVP, BCMN battles, the campaign's, a slew of crafting options, an extensive fishing system, a stable and well-observed economic system, and the insurance that the development team really watches and listens to the community, and you find a game that is fun to play every so often, if it doesn't suck you in completely.
Graphics: They look nice, and that's all their meant to do. The game does a good job at handling large amount of characters on the screen at once, which you will often encounter in large cities. However, nothing spectacular here.
Sound: The problem with the sounds and music in this game is that you will here them so much it will make you sick. I play with the sound off, which is a shame since it is pretty good, but I have just heard it too much. Unless you enter a new area in the game, you will probably be doing the same.
Value: I would make this higher if I could. This game is HUGE, I cannot stress this enough. You could count the people who have experienced everything in it on one hand. I have been playing for 500+ hours and have only really seen about 1/12 of the game (and this is a liberal estimate). The major updates, there are about 4 each year, add enough to last you until at least the next two updates have already been released. Even though the fees are slightly higher then other MMORPG's, you get a lot of bag for your buck here.
Reviewers Tilt: I rate this high because I play and enjoy FFXI, and do not think that the other 4 categories give justice to the quality of the game. Since this is a final fantasy game, you can expect it to be around for a LONG time. The newest expansion, treasures of aht urhgan, looks be the best one yet. I will suggest you only start playing if you have some kind of group you know in game, as it helps to have the support. Otherwise, I fully support this game, and have been content with it far longer then what I expected. Maybe WOW is better, but I don't care, this has given me more then I ever wanted.