Have to say after playing for several hours (I'm level 15), that I have massively mixed feelings so far.
Combat is entertaining and dynamic but a massive cluster-****, the effects are absurd in some cases and with more than 2 people its very difficult to see what is going on, this is compounded with multiple enemies. Also this makes it VERY difficult to track what is attacking you at any one time. Playing a class with lots of ground target spells is fine when fighting ground mobs but against flying mobs with the crazy particle effects flying around its nearly impossible to see the little red ring indicated their ground location. Skills also don't seem to have much of an impact, at least as a Necro, the CDs are so short and the effects very breif that I just find myself spamming everything on CD just because there no reason not to, basically there seems to be very little finesse involved in actually using skills. I do like the no mana/energy thing and I REALLY love the ability to run whilst casting anything, remember, strafe ALL THE TIME for MANY WINS.
This "fight for your life" mechanic is stupid, if anything it means you are expected to die which is silly. It also seems basically useless unless you are up against one particularly weak enemy.
The lack of quests is slightly off putting but entertaining none the less, the dynamic events are mostly good and varied and the elite mob spawn events are very cool. However it is rather annoying that to level up effectively without grinding mobs over and over you pretty much have to repeat the same events, which gets pretty dull.
I'm a bit disappointed by the state of the skill system, in that I have to wait bloody ages to be able to use my full skill bar, I'm level 15 and I can still only use 2 of my 3 skill bar abilities and elite skills (8th ability) is still miles off, yet I've got enough points to unlock about loads of skills. The weapon skills are alright however the some weapons seem to have rather random sets of abilities, I've found myself switching between sets more often than I would consider "fun" just because one weapon has 2 really important skills and another has 1 really important ability. The skill unlocking mechanic for weapons can go **** itself as well, it's horrible.
I'm also a bit let down by the story direction, I'm several hours in and I have NO idea what the overarching story is, I've just been pottering about solving crimes and looking for my "poor dead/alive sister". I was expecting something a little more involved due to the premise, i.e Dragons etc.
Graphics wise the game looks great, character creation is very reminiscent of eastern mmo's (anyone else get a big Aion vibe?) however the options are decent and the character look good. Monsters look nice and there is some great variation.
I've only played a necromancer so far and they seem fun, however saying that I'm very disappointed by the fact the minion spells are now set numbers and entirely relegated to the 3 skill bar abilities, they are more of a funny little aside than an actual method of play.
Traits are confusing, I really don't get them so far, the stat boosts seem rather random and the perks you get even more so. Will have to look into them a bit further.
Performance wise I haven't had any lag what so ever, game runs fine and FPS seems fairly steady even in heavy particle situations (aka all the damn time).
Think I'm going to have a crack at playing a thief for a bit.