Bad looks, great gameplay.
The combat system is really awesome, figthing from the back of a horse is really fun once you get used to it.
It's also interesting to see how your character develop and there are several ways to play this game, which is something that I really love. It also feels like an MMORPG due to the multitude of other NPCs that act rather intelligent, they attack you when you're weak and try to run from you if they know that you're stronger than them.
There are lots of things that will keep you busy, you can complete quests, fight in arena tournaments or just harrass villages in order to obtain goods that you can sell for some extra denars.
If you're a fan of RPG and Strategy games and can forgive the game for it's looks then I'm sure that you will enjoy Mount&Blade just as much as I do!