Not ready for Primetime.
Good: Many, many ideas and things to do. If the game worked, I would consider this to the the total package.
Dynamic environments in that what I do as a character, impact the community
Above average graphics
Bad:
Most of those many many idea and things to do don't currently work at all or work well.
No immersion. I don't know why people keep saying this game has such but your character gets dropped in a city with no back story and no sense of purpose. My dwarf simply went from the loading screen to standing in front of some dwarf guard with a quest icon above his head. This easily has the least amount of "character purpose" I have seen ever for a MMO - and it is a shame considering the fact that this game has a ton of lore on which they could have created sense of purpose for your character.
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This is a game what was released at least six months too early. I am currently in another beta (which is closed so my lips are sealed) that is due to be released in April (hint) that is much more polished and bug free three months before their scheduled release than this game is today.
One last note, and this is a big one - Many of the 9.0+ reviews here are at best fake, at worst, company stooges. Take this quote from a 9.1 review: "Housing and boating is awesome, to craft and decorate your boat, to place your house in the world for others to see. I plan creating my own Blacksmithing shop. Houses are upgradeable and so are ships."
As of the end of Beta 5, neither housing or boating were working correctly.