I was once a naysayer, but after picking the game up again I had barrels of fun... or was it barrels of elephant feces?
The graphics are bad, so expect that, and the load times and combat, like pixies said, are bad, so expect that too. But there is a difficulty meter you can change at any time, and that makes the fighting totally different (slash, slash, enemy dead).
The story? It takes a while to get interesting, and if you are at all like Llyranor and the other 50% of people who play the game, then it is hard to tell that a story even exists. But it gets interesting, eventually, I think.
In fact, the only reason I stopped playing it was because I got Oblivion. However, I stopped playing that after a while too.
You would have to run around forever because there isn't much of a teleport system, and then the load times again... the game wastes a lot of time, so hopefully you want that; time for money ratio is great, maybe the best bargain of which I know in that regard.
Take Jags' advice. It is worth playing until you are done, not necessarily completing it. Truthfully, I wouldn't have played it so long if I hadn't liked it.