I've been following it since the early betas. Back then they were selling it for dirt cheap because we were supporting development, so I almost got it for a steal.
It's an interesting game, and it's MOD friendly so that's always nice too.
I wouldn't really call it a RPG in the traditional sense of the term. It's more of a combat simulator. It's great at that, especially mounted combat.
The world map part of the game feel more like a board game. There is no fixed story, it's all open ended. You create your character, chose his background and skills, then you're dropped somewhere random on the map with basically a dagger and a little food. From there it's up to you what happens.
The meat of the game is about running down other squads and defeating them for loot and renown. You can recruit troops and named heroes to help you with that, but it's also possible to solo once you get more skilled as a player. Once you have enough renown you can join one of the different factions and start doing siege battles and being awarded land. It's also possible to go at it as a mercenary but you won't be granted lands, just money. You can capture towns while being independent, but you'll make enemies of most of the world.
There's also quests available from villages and nobles, but those are the repeatable kind you do for renown and some gold, or to raise the quality of your holdings. Like I said, the game is about it's combat engine.
Oh yeah. And there are tournaments which gives good money too. I have a character who spent all her time doing only that until her renown was higher than even the most powerful of kings. There's a economy system too, but I find it a little boring to just run trade routes when I can just kill for loot instead of buying it.