A bit late to reply to this I suppose, but it really depends. A lot of the guild content, as well as a few areas are locked behind DLCs, so you'll have to splash out for those or the Gold Edition if you want to join those. The combat is pretty solid, though I can only speak for first-person. The ability bar is small, and you have two weapon sets (like Diablo 2). The classes are varied enough, and you aren't restricted to certain weapons like WoW or FF. The lore is good though, if you like reading and listening to NPCs. Everything is voice acted. It does have that Elder Scrolls problem with you being the one and the final battle being poor, but the quests are interesting at times, and other players are friendly enough to give you a hand.
Personally, I don't mind it, especially since there isn't a mandatory subscription fee. Buy it if it's on sale, and get the Gold Edition if you can. Morrowind is coming out for it next month as well.