Great game, really enjoyable. Don't listen to the slating.
Gameplay
During the start of the game a lot of the game play is running round questing and talking to people but believe it or not, its not that boring. Its very puzzling and sometimes vexing but when things start to come together its becomes really enjoyable and a nice way to get a few levels and get some points to spend for when you start having to fight more during quests.
Fighting at first is very very difficult. I found myself saving before and after every battle and often having to reload multiple times to take down a really simple mob. But that later becomes easier through experience, and by experience I don't mean in game experience. Fighting is hard, you have to block, parry, avoid blows and strike from the sides, its really quite complex which turns the combat system from a basic hack and slash to a strategic clash of your mind verses whatever it is your fightings behaviour. The more you fight a particular mob, the more you learn how it moves.
Magic and ranged combat was a little disappointing. The amount of mana you get is so minuscule that you can barely take down a single mob never mind a group of them. Although summoning a skeleton to distract a few mobs practically got me through the game.
Story
Okay the story was nothing original, but it worked. Although linear, the storyline is enjoyable enough and the voice acting is half decent, actually sounds like a conversation rather than two bloke separately recorded like certain other games sound *cough* Two Worlds *cough* The story could be better, maybe throw in some choices to twist the story line. Maybe a love interest; you turn up on an island with a woman you never really ever speak to again. Still enjoyable enough.
Graphics
I played the pc version and I have nothing bad to say about them. Not amazing, but far from crap. The draw distance isn't fantastic but the scenery was good and the character models were nice. Apparently the 360 version is worse, for some reason, but the pc version is fine.
I rate this game 8.5. Gameplay was great, storyline was good enough, graphics were perfectly fine. I dont know why people have rated this game so badly, perhaps they're impatient and didn't give it a chance?