Screenshot time! This is my ninja character, Mr. Awesome.
Look at those next-gen graphics!
I just got out of the first dungeon. The game is 'decent' so far, though the motivation given to you is pretty meh. Now, if on the other hand you're somehow allowed to go smuggle the mystic amulet of salvation, with that path being actually a possible part of the storyline, THEN I'll be impressed. Can't comment too much on the story so far. The Patrick Steward character is a pile of monkey doodoo - no wonder they needed a celebrity to hype him up. Like I said, NOT impressed by my character's 'motivation' so far.
Of course, the first dungeon featured mostly combat and exploration, so I'll give the story a chance. As for those two aspects, they pretty much feel like Morrowind 2.0. Melee combat still feels completely simplistic, and exploration is standard Morrowind fare. Pick things up, open chests, etc, etc. There's some sort of lockpicking minigame too, and it didn't make me throw up yet, so that's a good sign.
Graphics are, well, you can see for yourself on the screenshots.
Not that it matters - the important part is functionality. So far, the graphics are functional, which is all I need. Game runs well, I don't complain. Physics are present, but every freaking game has them nowadays. They haven't added anything to the gameplay yet, anyway.
Interface 'looks' nice, if it were the 360 version. Easy to scroll around, I guess. Of course, font/size crap is completely not customizable. On the bright side, it's approved by the institution for the visually-impaired. In the grand scheme, these nitpicks are irrelevant. Same could be said for whatever dumbing down or consolization of the game. Irrelevant drivel, that. Give me something to chew on, and I'll forgive all the nitpicks.
Music, of course, is Llyranor-approved. It's standard Jeremy Soule fare, so if you like him, you'll like it. I was a big fan of Morrowind's music already, anyway. There's no surprise here, since I bought the soundtrack off DirectSong beforehand.
Impressions so far: Well, I can't say it's hopeless. There's some potential. That alone is already a 100-fold improvement from Morrowind. Most of the details above are irrelevant. The important point is that it at least looks like Bethie invested some actual time into the main storyline. The writing is nothing to write home about yet, but it's not seizure-inducing yet. Again, I've just scratched the surface, so it's hard to say either way. The PC responses are pretty irrelevant so far, but that's a part I'm willing to shut completely out of my impressions of the game, else I'll end up murdering someone.
Highlight of the game: Falling off a cliff increased my acrobatics skills.