Oh, nice.. didn't know they had lifted it.. ahem..
First off, this isn't a WoW killer. I don't know if there will be a WoW killer any time in my lifetime. But, I will say that it has aspects that I really like. For instance, the starter quest-line is in what you could think of as an instance. That is, an entire town and the outlying area is an instance. After a certain point, when you are done with the quests in the area, you advance through the storyline. I think this is done really well. If you do a quest that shows the town being burned to the ground, you sure as hell better not return after the quest and buildings standing untouched.
The landscape graphics look great. Character models could be better... a lot better. And as fuji said above, the animations aren't real great either. I'm hoping it improves in time. I really like the title system in the game. If you kill X number of creatures, do X number of quests in an area, or just don't die within X levels, etc, you can pick different titles to show. I really enjoy doing that since it gives me something to shoot for instead of just levels.
And now for what I hate.. the damn UI. For some reason, Turbine has picked the UI from DDO (it's improved over DDO, but not by much). I absolutely hate it. I'm running at 1600x1200 and I can barely read the icons and font. And coming from WoW, where everything is butter smooth, it's hard to use a UI that is less than perfect. The vendor system is meh, chat system is garbage. I'm not sure how crafting is since I haven't tried it in this push.
But, the UI can be skinned, so hopefully this won't be such a big deal if someone can make a decent looking skin. And they're slowly making improvements to it. Each new push brings the game closer to something I'd want to play. It's not there yet, though.
What they _should_ do is remake AC1. Same skill system (and skills.. jump ftw!), better graphics, and for god's sake, more than a few days working on the UI. Maybe throw in a quest system to bring it up to date with current MMOs.