Almost too buggy to be worth it
The Good:
The crafting system, that is making spells (admittedly I haven't done much of this), making potions, and upgrading weapons and armor is well done. It's easy to break down items into usuable components and clear up space in your inventory. Potions are easy to make, although you do have to remember to modify the default name that comes up when you create a new recipe (i.e. you create a new recipe for a medium healing potion and you've already done that but with different ingredients).
Some of the side quests really draw you into caring about the main character and the NPCs that he interacts with. Sadly that is the only time one seems to care about him.
As for combat, it's all right. However when switching between equipment sets, one needs to be careful; especially when going from ranged to close combat weapons with enemies bearing down on you.
I also like the idea that you acquired new skills from "skill books" that you either find or buy. This is much more interesting than just simply choosing them in a skill tree when you level up.
The Bad:
The story, from what I've played, is a little shallow and I don't really see it getting much better.
Graphically this game could have come out two or three years ago if not longer. Honestly the game could have come out when Elder Scolls IV: Oblivion came out. The graphics are comparable and I'm not impressed.
Now for my main bone of contention with the game. Quite frankly from a technical standpoint, I wonder how this game even made it past testing and was released. There are frame rate issues and the game actually pauses for a few seconds while autosaving in game, completely disrupting the flow of the game. When teleporting there is a pause of several secons in which you can't move, even when you would think you should be able to. I might expect to see some of these issues if I were playing on computer that was a few years old, not a console. These are just two things that I have seen so far and I have to wonder if the testing department was sleeping when they were supposed to be doing there jobs.