I played through 3/4 and kinda lost interest for the time being. It is fun, but it gets a bit repetitive in single player - same old dungeon crawl and the "modern" nature of the dialog kinda kills the immersion for a Tolkein fan. I mean, there are NPCs who are "Archeologists" etc. Would it have been that hard to just call him a "Lore Master" or something remotely Medieval? It does have a good multiplayer interface I'm going to try soon.
I never played paper D&D before, but I guess the game lets you recreate that with a designated dungeon master and unique dungeons/quests, etc. I have a friend in Michigan who is heavy into that and has a Friday night fest every week.
For a single player RPG try The Fallout series, particularly 1 & 2, if you haven't already. For a first person shooter RPG that rocks, try Deus Ex, again if you haven't already.
Charon