This gorgeous, sprawling world will suck you in for a very long time.
Let's make one thing clear: every RPG fan should buy this game. It's the best take on the genre I've ever played, and I love it. After 30+ hours of play, I am enjoying the game more than when I started, and I don't see an end anywhere in sight.
The graphics are fantastic, and although the requirements for a smooth running game are high, it's worth it, and this game is worth upgrading for. Everyone else has said much about it, but enough can't be said, really. Just walking from place to place is an experience, between the amazing terrain and the variety of flora and fauna. The sounds are fine, nothing spectacular, but the soundtrack is repetitive and in some situations, it's inappropriate. For example, when exploring an evil shrine, and the uplifting theme plays, that doesn't make sense. I usually turn the music off. However, without music, it's much better. You can hear distant spooky chanting and evil voices, and it can become downright scary.
The controls and super-intuitive and simple; I had no problem jumping right in. It's nice that you can switch between a first person and third person view, as each has its uses at different times. The combat is straightforward, but not mindless, as you can move around and try to back up and move in again for attacks. Also, long range magic and missile attacks add variety. The common complaint is not knowing how many hit points the enemy has, or how much damage you're doing, but it's a minor problem, and after playing for a while, I've noticed other indicators of the amount of damage being done. For example, I think the enemies make a pained sound at the halfway mark of total hitpoints, and again when near death. The distances travelled are vast, and getting lost occasionally can be a problem, but even then, you almost always end up finding something or someone else that makes the detour worthwhile. I have had that happen to me on numerous occasions.
The customization of your character is ridiculous; there must be an almost infinite combination of skills one could make, and so replay value is high, as you can't access some side quests depending on race and abilities. I plan on playing through again as a totally different type of character.
Anyway, awesome game, all RPG fans must have it, and anyone else at all interested in great graphics and large games should at least check it out. Almost perfect, and the flaws are very minor.