Why don't you try it first!
There is a nice demo on the main site:
www.wizardry8.com
It is big, but you get a feel for the interface and gameplay.
I bought it after playing the demo, and loved it (played non-stop for 4 months).
Now I'm playing Morrowind, The Elder Scrolls 3
Both are RPG but some major differences.
Graphics and sounds are great in both games
Wizardry8 --------------------- Morrowind
party-based (up to 8).............solo-char
many, hard fights................not that many fight, easy fights
combat is turn-based/real-time..combat real-time click and run
maybe 20-25 quests total...........100's of quests
big non-linear world.............huge non-linear world
Char development best ever........char development less interesting
fights always a challenge.......fights too easy after couple of lvls
My two cents...
If you like combat or you want to have full control of your characters, go for Wizardry8
If you like doing quests, exploring and talking to people, go for Morrowind
If you are a true RPG fan, get them both... they're the best RPG's I played for a long time.
Signed,
One sick Psycho