Hail Larry, and well-met!
I've been around since October, so I'm probably a Veteran rather than an Ancient...but I'm pretty ancient around here on W&W, LOL!
Whew...well, as to if Wizards&Warriors is fun, the jury's out on that. I certainly think it is, as do RudeDawg and Black Knight, who are veteran BG2'ers. However, it seems that it's not for everyone.
If you are a fan of the type of games like Wizardry, Might & Magic (NOT HoMM!), Daggerfall, etc...in short, the games in which you're IN the game rather than looking at it from a 3/4 down viewpoint, then you'll probably like it. It's great for character development and exploration of a world...graphics are great, several very large and intricate dungeons, three huge overland "worlds", six different schools of magic (Sun, Moon, Spirit, Stone, Vine, and Fiend) with some interesting spell effects...The best thing I like about it is the NPC interaction. Hilarious humor throughout the game, and it really doesn't make you feel "creepy" like some games do.
There's several threads floating around on what the game is about. I'll see if I can drag some up for you.
Good to have you here!
-Sazerac