Pros Good graphics, GREAT scenery, good controls, LOTS of loot, fights can be fun, good sound, nice that you can pre-finish quests Prior to talking the quests proponent.
Cons Pointless dialogue, generic character designs, a LOT of fetch quests, "dungeons" are repetitive, finding good weapons and armor is easy, navigating the map is damn near impossible, fights are a bit on the easy side, not as vast as Oblivion.
Summary I consider this game a casual RPG. It's good eye-candy (scenery wise) and it's fun enough to keep you playing but it's not exactly deep in terms of story or character development. Quests are mainly fetch quests but they do get you to explore the environment quite a bit and the environment is really what carries the game, for me.
Characters are generic. You see the same ones over and over again. There is this girl that you see throughout the game that looks like the singer of Evanesence, only in full goth lol. Dialogue is somewhat pointless since the game will follow the same course regardless of what you say.
Fighting is pretty good. Near Fable in terms of gameplay. Fights are generally easy since you can use buffs/potions while fighting and equipment is pretty easy to come by. It can, however, get serious if you get swarmed though. You can get swarmed by as many as 10 assailants sometimes. That said, leveling is pretty quick because you have a lot of fights.
As for quests, I like that you can roam around and actually attain quest items without even talking to the quest's proponent. You can meet a person for the first time and hand them the item they were about to ask you to fetch for them! I don't believe I've seen another game setup this way.
Besides the dungeons and caves all basically looking the same, the scenery is fantastic. Changes in scenery is also quite drastic from small rural towns to jungles to castle complexes. They're all well made as well. There's a map, but it's pretty much useless because you can't magnify very much.
Overall, if you're looking for a game that's engaging yet not very intense, then I would recommend this. But, if you're looking for an Oblivion replacement, look elsewhere.