I played through the first five or so hours of this. It has some real potential, but I'm really hoping that the action picks up a bit now that I'm into the main story. I spent maybe an hour fighting stuff and the rest of the time walking around talking to people. The graphics are very well done, the sound is very good, and they actually hired actors for the voices. That last bit is especially nice since you spend so much time having conversations.
There is a metric sh*t ton of character customization, both in creating your character and in customizing it's abilities. The Origins bit is interesting but kind of annoying too. Basically, there are six different back stories to pick from and the one you pick will shape how people react to you. The annoying bit is that the back stories are limited by race and class, so you really only have one or two for each combination. Also, the first hour or so of the game is completely different for each of the six, so you have to have six different characters if want to see them all.
Combat actually reminds me a little of FFXI but with a faster pace, and a lot more complexity. You can choose your target and auto attack or choose to use an ability or spell. Spells cost Mana to cast and Abilities cost Stamina to use. There is a base cost and several variables, such as the armor you're wearing and the other spells and abilities you have going, that effect the final cost. Mobs are fairly weak, but there tend to several attacking you at once so it balances out.
You can either choose to attack on the fly and let your party take care of itself, or you can pause the game and micro manage everyone's actions. Health and Stamina/Mana recharge over time, slower in combat and faster when walking around. You can also use various healing potions and such as well as cast healing magic if you have a mage in your party. At higher levels combat looks like it can get extremely complex, but in the early levels you don't have much to play around with.
There is also a tactics system, that basically let's you program the rest of your party to deal with the more mundane things, like you keeping you healed and such. It has a fair amount of depth to it, but I haven't gotten far enough into the game to really play around with it yet.
The Blood Dragon Armor I got for preording it at the evil Gamestop is useless at the start of the game. You need to have 38 STR to equip it, which means you can't were it until you reach level 8, and that's if you go as a Warrior and put all of your stat upgrades into STR. Realistically, it won't be until level 15 or so.
I did get a couple of codes for some accessories though. One gave me a ring with +1% to EXP and 1 extra skill point, the other is an amulet that adds to armor, nature resist, and increases the rate of health regen when walking around. Nothing game breaking, but it's a nice little bonus.
If you buy the game new before the end of April, you also get a code for a free DLC that will let you explore some new areas and get some new quests and recruit and wicked looking golem. I haven't even touched that yet, but it's good reason to think about buying the game now instead of waiting. If you wait or get it used, you can still get the DLC but it'll cost 15 dollars. I was bit annoyed to see that there is actually a second DLC already available as well.