It plays a lot like Oblivion's little brother.
It has an open ended story, very nice graphics, outstanding voice acting and oodles of quests.
Now, I haven't got the fastest system around, but I can play most games (including Oblivion) with video settings turned up around 75% of max.
At medium video settings, this game chugs like fucking molasses. Frequent 1-2 second freezes and very choppy.
Load times are obscene. It takes over 30 seconds to do a quick save. If you reload the game in the exact same spot you saved, it can take upwards to 2 minutes to reload. This is unacceptable in my opinion.
The excessive use of bloom and lens flare made my eyes bleed... really... fucking lens flare in a fantasy RPG?
About the graphics. The landscape and flora/fauna is very nicely detailed. But the character models look terrible. Heads are too small for the bodies. Armor models range from nice looking to embarrasingly bad. there is no consistency.
Pathfinding and AI is another bad spot. A few hours into the game I came to a cave full of goblins and meatbugs. I plowed through them like nothing... until I came to the 2 ogres at the end.
I got my ass handed to me repeatedly. Getting knocked down right off the bat, not being able to fight back or even run away does not make for good gameplay. I had no way of knowing the relative strength of the mobs.. there is no level scaling and no way to guage mob/monster strength.
I ended up standing at max range and plunking the ogres with arrows. They just stood there and died.

Another annoyance is getting stuck on rocks and outcropping in the terrain. Stopping to slide down a 6 inch high rock face might be realistic in someones mind but really fucking annoying when you're trying to run away from wild boars.
And the number of times my character fell halfway through the world was also unacceptable... although seeing my legless torso sliding down a road was kinda amusing.
There is some engaging gameplay to be had if you can look past the plethora of bugs. The faction system and open endedness of the story has some real potential.
But in my opinion, you'd be better off just dusting off Oblivion and playing it through again.