I'm still subbed to it with a mate. So far we're enjoying it...just got to the second city which is very impressive in scale and appearance.
Couple of issues I have is that the abilities you have are too similar, there's nothing to seperate them. Pretty much boils down to "2 sec cast, does x damage" or "1 sec cast, does x damage over x seconds". In WoW, you had very clear, very different abilities. They all feel very similar in AoC.
Lastly, appearance. A level 80 doesn't really look much different to a level10. In other MMORPG's, you see a high level with some chunky armour, glowing sword, and it looks like a high level. In AoC, you can barely tell.
Oh yeah, and some of the quests are unbelievable grinds. I can manage "Kill <boss>" or "Collect <name of item> from <instance>" but being presented with a quest to kill FIFTY enemies...just...yawn. Too many.
Oh, and definate last one - Epic instances. Stupidly unbalanced. Drops are rubbish and the enemies have massive HP.
I really do think it has promise, I just hope they can survive long enough to implement what they hope to. Servers do generally feel quite busy, so I think they're doing ok.