I tried this game out a while back. I thought it was pretty cool, but it needs so much work right now that it's ridiculous.
Basically my experience went like this:
Did some PVP, which I thought was really well implemented (combat was wonky as fuck though), one of the most interesting things to me was that I killed a person, and then another person ran up, looted the person I killed, and then mounted up and ran off before I could try and take the loot.
Sadly, that was pretty much it. After that I spent about 2 hours chopping wood and mining rocks. I got bored of that and started to run around, looking for a city, people, monsters, anything. I ran around for about an hour, and only saw some wild boars, rabbits, and some deer. All of them were able to be killed and looted, but it wasn't very rewarding.
Anyway, the game is a huge grind. I don't mind grinds, so that was fine, but there was such little depth or substance to the game that I was so bored after 5-6 hours total. There were no significant landmarks, enemies, etc. The environments aren't anything spectacular. I felt that there was more to explore in Oblivion than in MO. I think it probably has potential to be good, but it needs so much work that it's very unlikely. Seems like Darkfall is just a much better choice.