Well for one it's a million miles from BF2.

I'd say that it's a game for the older more patient player!
In summary I guess it's a very accurate WW2 battle simulation. The time period is 1940-1942 and the setting Western Europe (other periods and locations are rumoured; Vol 2 expected to be North Africa, Vol 3 the Eastern front).
Basically 2 sides - the Allied (made up of French and British) and the Axis (Germany). Historically accurate divisions and brigades are implemented with equipment lists, supplies and RDP (factories).
Three arms of service are in game; Ground, Air and Sea. The Air and Ground arms are well implemented, however the Sea game is not really up to much (ask any RN/KM player!).
The damage model is very accurate, based on real world armour thicknesses, round velocities and physics etc.
It's very unlike BF2 in the sense that you don't normally spawn in and land right in the middle of a battle - you can be defending a town and not see an enemy for a while (sounds a little strange but hard to explain the level of tension and anticipation unless you have experienced it).
As an example, last night I had one mission which lasted 1 hour 10 minutes - I was in a Mathilda II tank and was rolling through the Dutch countryside trying to ambush German units in the area. I came across an Opel truck which I destroyed with my MG, a Panzer IIIF tank which I took out with my 2 lb gun (again when engaging from around 700m I had to hit him where his armour was weakest, and around his fuel tank, as soon as I achieved a priecing shot he blew), also killed some AAA near a German resupply area.
It's an incredibly immersive game, with a well developed squad system and order of battle - it will eat up a huge amount of time and require a lot of patience (although you can always find the FPS style instant fight if that's what you want) and is well worth the subscription fee.
If you are a WW2 buff then this is the game.