The short version:Buggy but good,give this game 3 months and it will be great.
Warning:This is long but i think this game has huge potential if it can get past these first few months and i wanted to echo some of what Xyph said and give some people a little more detail about it.
I've been playing it casually since launch and it's been fun so far.I'm a kojani drunken monk named vinloran(lvl 18 atm)on the hilsbury server.I purposely avoided any info i could about the game content so i didn't spoil anything or get my hopes up and i'm very glad i did.This game has gotten closer to the old EQ feelings of suspense/magic than any others so far.The world is insanely big to the point that it's almost a flaw since people get spread out a lot and it just feels epic.
I've had several moments where i would climb a hill and stop for a few minutes just to look at the view as the sun sets.It has also gotten me mauled many times trying to go through places i shouldn't because i want to check out some cool looking PoI in the background.
There are a few things you need to enjoy this game right now and the first is patience.I knew going in it wasn't finished from reading a few forums and accepted that,the NDA has been lifted for awhile so it wasn't any secret.This game has some problems but nothing worse than EQ used to have really,actually i can't even login to eq right now without crashing heh.I usually crash once a night if i forget to clean my memory out but other than that it's been smooth.I recommend going to silkyvenom and looking at their
tweak guide before you begin,there are a lot of ways to boost performance with ini settings.Also this is a 17gb game,after patching defrag your system or you'll regret it.
If you don't have a decent system don't even try to play it.I would say a minimum of 1 gig ram and a 6600GT or better with a decent processor to run the basic settings and be playable,even then in town will give you some trouble.If you're lucky enough to have a newer system the game looks incredible though.I finally put together a new system a few weeks ago and this game looks very good,a few of the character models/animations could use some work but the world is impressive.
Apparently i got lucky picking the Kojan area,i've heard it was worked on last and recieved more updated graphics.This area has a great oriental feel to it and looks nice.I started on a small island and went through a short but good storyline and a few quests before being ported to the mainland to continue.It was a great way to start the game and reminded me a lot of WoW.
There are 3 different main ways to play the game broken down into spheres,each having their own quest system and gear sets.
Adventuring
Leveling is much slower than WoW but seems faster than i remember old EQ.Every class can solo but some are much better at it of course.There are so many dungeons and quests i still can't level slow enough to see all of them,i hope that continues all the way up.
Combat is very fast paced and you have so many different skills(at least as a monk)so if you're coming from EQ it might be a bit much for you at first,if you've played WoW there shouldn't be much of an adjustment.FD splitting is in the game also though it needs some work atm,i'm sure most don't care but it was a nice bonus for me.
One small complaint i have is to do dungeons you need at least a duo/trio for the beginning area/quests to a full group if you want to get anywhere.Most mobs inside are tuned for groups so it's impossible solo unless you're way above recommended level for the place.I liked how in EQ i could FD to the bottom of a dungeon and at least solo some trash and get experience if i was careful even if it was horribly slow.
Vanguard is very group oriented and you almost have to play with a set group or guild or you'll miss out on some great content.I just started on my own so it's getting tougher but between the lfg tool and hanging out around dungeons i need i'm doing alright though.
If adventuring isn't your thing or you just want a break diplomacy and crafting are pretty fun actually.
Crafting
I've never really liked crafting in any game so far but it's very detailed and a decent source of money.It actually takes some strategy since the more efficient you are and how prepared you are for problems during the combine determines the quality of product you make.
You also don't need to farm tons of mobs just to level your chosen skill because in every city and some outposts you can find npc's that will give you work orders to do.They supply the materials and ask you to make a certain item(s) and you can get skill ups during and cash/gear from completing the order.If you want to make armor just to sell/wear you'll still have to harvest/barter but it's fairly simple so far.I've seen several racial armor/weapon sets being made already that look impressive.
Diplomacy
Diplomacy is basically a strategy card game you can play with npc's all over the world.It is very detailed and i won't even try to explain it all,infact i'll just give you a link
here and go over some basic stuff.
When you start out you'll be given some basic cards and slowly taught how to play if you follow the quest chain.It's does a good job of walking you through it and gears you up a little along the way so i recommend you do it,also you get a horse for free if you finish.As you climb ranks/finish quests you'll be able to manipulate cities by working together with other diplomats in the area,this benefits everyone in the form of city buffs of all kinds.This is as far as i've personally gotten so follow the link if you want more.To give you an idea of how addictive this game is there is a large guild on my server dedicated to diplomacy.
Overall the game has a few problems(mainly performance issues)and needs a few months of tuning but it hasn't been enough to stop me from having fun.If you can't handle some bugs or have a borderline spec system it's best to wait a few months.Also for those who played beta,read almost any forum for VG and even the people who hate it will admit it's come a long way even from open beta.If you seen any potential in the game at all you may want to check it out again.