To me, it feels like a 1980's golden era game clad in more modern garments (i.e., as modern as an isometric engine can get). It's a really interesting combination; the engine makes particularly nice use of light and shadow in combat, and the whole thing certainly scratches a nostalgic itch. Beautifully polished too; I agree that the engine really shines.
However, just like in most 1980's cRPGs, don't expect branching storylines and far-reaching consequences (although there are some minor choices to be made). Some unresolved plotlines; what role-playing there is enters via your character stats, but rarely via dialog. Some nicely-done alternate paths (I seem to remember three distinct ways of reaching a certain, closed-off area, for example). I found combat, especially in some of the outdoor areas mostly unsatisfying (though hack-and-slash doesn't describe it; it's more like hack-hack-hack), and at least for me, in some areas, it consisted of running in, landing a few hits and maybe killing an enemy, running back across several screens, healing up, returning into the fray across several screens, and grinding some more. Combat in some of the dungeons seemed a little more interesting due to the strategic considerations offered by the lighting and the conveniently placed powder kegs.
I found the writing and characters unengaging and uninspired, and the lore unmemorable. What atmosphere it creates is conveyed more by the graphics and sound than by the writing. Despite all this, I enjoyed the time I spent with it, played through it once, and sometimes find myself toying with the thought of firing it up again to see what life would be like as a mage. In the end, it may depend on how much you'd be interested in finding the answer to the question, "What if a 1980's turn-based isometric RPG was made with today's technology?"
It's very well balanced (yet not boring, which is surprising for a single character game), the music and sound are awesome, the art design is good, and its replay value is high. As far as writing and roleplaying go, it's not Planescape: Torment or such, but it's creative by dungeon crawler standards. The "immersion" is also very thick. It's not a detached action/slasher at all, it's a world that pulls you in.
