Not a masterpiece but still... it's one of the better FTP MMO's I've played.
Combat is fun, and the Foundry makes for a lot of interesting adventures. Plus, playing with the foundry itself is fun. It needs more variety--especially more starting classes, really need a Ranger or some other kind of ranged comabt specialist other than Mage--and the instanced design means you never quite feel the total immersion. But from what I've seen and read it can be expected to get regular infusions of new content. Is it the most revolutionary game out there? No. Is it a literary masterpiece? Also no. But is it fun? I think that's the most important question to ask about a game, and from my experience so far the answer is yes. At least it's definitely worth checking out--you can't really beat the price.