yes it's an MMO. I play on Tyranny server as Zjsa or Zija.
as a freeloader there are some restrictions:
no global chat - can not even see it. Long hours where the only chat you'll see is New player help channel some gold farmer.
no alternate feats (probably a factor)
limited class/race selection
limited inventory ( you can get better packs in game, but your starting inventory is halved)
Combat is kind of interesting, for an MMO.
PvP seems to consist of:
joining PvP mini games
jumping newbs
attacking people talking to NPCs
joining a group in order to track someone then leave and attack.
or if you are lucky some friendly dueling.
There's lots of buttons to click while fighting and keys to press ( which will make anyone from warband wish they discovered this ccontrol method). Melee is interesting enough with the combos, and early going there is no sleeping at the wheel as the mobs can kill you.
Eventually you'll get ganked, probably by some kiting ranger, or fight someone you can not turn fast enough to keep in your sights (no mouse sensitivity in this game). Still not sure of the PvP though I would guess organised groups are more fun. It's certainly mroe fun in a group when someone jumps your 'lone' team mate and you surprise them.
As a freeloader, and without a guild, it will play like a single player game, though the mobs are standard MMO stupid, with the occasional random geek hunting you to break it up.
It is quite pretty, with DX10 available. Worth playing? well.. it's free, and not quite as boring as some other MMOs.
