We must be playing different games with regard to the graphics Theo. I thought the graphics were great, with lots of detail, but still had a lot of character (unlike some other MMOs I've seen in the past) and ran well at 1680x1050 with everything turned up on my 8800GTS. Well, except for the Empire stuff, which looks like boring, generic fantasy town/townsfolk. But hey, the Elf, Chaos, and Ork areas/characters all look awesome so I'll cut em some slack on the boring humans.
The gameplay is a bit restrictive (not enough character abilities) until about level 6. Then your options are varied enough to make the combat fun and give you something to do besides mash the same button over and over. This is also the first game that has presented RvR/PvP in a manner that I find approachable which has been a lot of fun. But... all this is just one guy's opinion.