Dream come true!
Presently, there is no story. You just create a character, and ride off into Caladria, with warring nations all around you. Be a mercenary captain and follow the money, or ally yourself to one of the kings, upto you. Command other cavalrymen, archers, blades etc etc and go to battle and become a famous warrior, all upto you.
Excellent game. And one of its kind. Worth every cent.
Edit : Now that v 1.003 is out, and Gamespot official review does not do it justice I could not resist editing this one.
This version, is a lot more polished than the beta. It's looking better, and less buggy. Many ends have been smoothed.
The point here is, this is a game for people who want to game and not just look at the graphics. It has no story because the devs have been saying since ages that the player writes his own story, and one actually can. One can build a whole empire, and have thousands of men following him; It takes time. Once you get past the beginning, you see limitless possibilities......use your imagination!