I'll just say: It's awesome.
I picked it up from Asia and loved every minute of it. It's not very much like Oblivion, not as casual as a game of this kind. If you just kind of want a normal Oblivion-esque experience I wouldn't really recommend it.
I'll describe it as this: Fighting system is like Zelda on crack with defense as the main difficulty. Every oppenent (especially on harder difficulty) can kill you. You can't relax a minute. It's very strategic but oh so rewarding once you beat a boss. The weapon variety, balance and strategic differences are unlike any game i've played so far. it's not the kind of RPG were you kill 50 rats in the first level if you know what I mean, it has a very 1-on-1 mentality to it which translates awesomely in PvP.
If you happen to pick it up don't dwell on early loses and deaths, you'll get used to it and the game really only starts once you can level (after the first boss). It doesn't do a good job of explaining the basics of the game but you'll get used to it once you practice. It kind of reminded me a little of Diablo 2 for the difficulty on Hell settings. Very unforgiving.
Online play is absolutely phenomenal. If you have online: You have never experienced anything like it. You recruit people and work together. You have to work together, there is no alternative. I mostly played with Japanese gamers as my partners and they were great guys, very helpful trying to explain the game to me with however they could express it (received some hilarious PSN messages, cool guys really).
It's very much an old-school, skill based game. If you have time on your hands and are willing to take a bit of time adjusting at first you will love this. I loved it, then again I love most RPGs.
Hope this helped a bit.