Since it's only a beta and things are always changing but so far the game isn't all that good, especially for one that has such a long development time. The land based combat sucks and really needs drastic improvement and really offers nothing new. Click on target, spam abilities, rinse and repeat.
Ship combat though is a little better but has been drastically altered since the game went into beta. But that was a game play concession to make it a little more accessible for players that don't know how to sail (in the original design, ship combat is pretty much like a sailing simulator). Though it hasn't been dumbed down to the point like land combat and still requires good tactical maneuvering.
Graphics...even on a high end system, it's nothing to write home about but again, that is a game play concession though the water looks really nice.
I don't think it will tank like Gods and Hero's and will actually see the light of day but it's not going to set the world on fire as the "WoW killer" or even come close. It's very similiar in terms of game play to the old Sea Dogs game.
ack-ack