Weapons and some special items are the only things that really affect you. It's very "classic" feeling is nice and the quest system is a little different too; A quest chain can be re-played as many times as you want, which I think is good. This also has a good amount of humor in the story and descriptions. Unlike most MMOs this game has cut-scenes and it adds a feel to the main storyline.
Of how new this game is, it's probably one of my top 5 in MMOs this far. It's also free, but has a member version. (like Rune Scape)
An okay amount of classes and fair customization also adds to the "classic" effect. Fighting bosses is fun to do with friends, like most RPGs. One thing they could improve on is the server list, there are not enough chat enabled worlds and the ones that are enabled are filled up with spammers.
Anyways, it's a great game, everyone should at least try it.