The good:

* Addons are awesome (even though the authors don't get paid), and make up probably 50% or more of why I enjoy the game. Of course that is nothing new. The gaming industry has been cashing in on modders for years, all the while filling the community's heads with propaganda about how it isn't cool to talk about giving something back, and how it would "ruin the genre" to set up a system like 2nd Life where authors could actually profit from their intellectual labor instead of being IP slaves to corporate greed.
* The graphics are nice, and it has been fun exploring the different areas, which have been fairly well designed. Seeing all the old Morrowind creatures revamped was cool as well.
* The combat system has been pretty fun. I like the design for the most part, when it works, although bar swapping lag, AOE placement lag/cancelling, and ability cast lag kind of wreck the action based system pretty badly.
* The pre-vet dungeons were well designed and balanced.
* The crafting system is well designed and enjoyable. Set crafting and the research system give a sense of progression where the utter lack of any meaningful dungeon loot sets or unique pieces whatsoever falls short. Having dungeon-only versions of the Warlock type sets with higher effect values would have been nice.
* The Skill point system is well designed, although having no option to reset just a single point or just morphs to swap play styles without shelling out tens of thousands of gold is pretty bad, especially for people that PVP and PVE both on the same character. But the skills and passives themselves are good.
* Vampirism has been fun.
*Lots of VERY good voice acting, and between the typical step and fetch it quests there has been some interesting lore and humor.
* Bards and the songs they play are really cool.

The bad:

* Many, many bugs, broken quests, passives that don't work, abilities that don't work reliably, grouping tools that don't work reliably, game lagging every time you add members to a group or attack enemies someone else has engaged, etc.
* Megaserver phasing preventing convenient group questing.
* Bots and gold sellers running the economy.
* Virtually NO incentive to progress other than to play through the content once for exploration purposes, as there is maybe 10% difference in gear and stats from Veteran 1 to Veteran 12, while the enemies health and damage scales by multiples.
* Veteran dungeons are pretty ridiculous presently. Mechanics are often broken, making it more tedious than difficult, and coupled with the lack of reward beyond the 1-time quest skill point there is really no reason to repeat them. There is virtually no sense of accomplishment or reward. WoW dungeons were actually FUN to run, even after you no longer needed anything from them. Until Blizzard ruined the game by turning it into World of Chinese Gold Farmer Bear Craft. (Sorry if that sounded racist, it wasn't meant to be. It was funny in my mind in a depressing sort of way.)
* Veteran system where you basically play all the other content with the same character, which again is nice for the first play-through. But coupled with the bots that still outnumber actual players in the lowbie zones two months in and the lack of any real end game with no meaningful reward for the content that exists, there is very little potential replay value.
* Dungeons feel somewhat cramped, linear, and repetitive.
* Lack of themed daily questing hubs that effect the shape of the world.
* Lack of content cohesion. A little too much of the story is wrapped up in "WAR! MUST KILL ENEMY!" and not enough in some evolving plotline beyond the occasional entertaining and cool-sounding dolmen quips from Mr. Bal.

The ugly:

With all the good stuff going for it I had really hoped the game would deliver some longevity. Perhaps they will re-tune veteran dungeons and add new raid content, which has always been my favorite thing about the MMO genre (dungeons and raids you CHOOSE to go into with a team, not forced grouping through scaled difficulty gimicks).

Along with that may come some more inventive character progression options like leveling into new trees (the spellcrafting concept might be interesting), BoP crafting set items, a real dungeon loot roll system, more large scale raid type uber-dungeons (8-24 man content), etc.

For now though, it really feels like I will maybe get through exploring the zones this once and then shelf it for half a year to see how things pan out. I'll give them an extra month subscription time at that point just to show I appreciate what they've done and hope to see it continue to evolve.