I've played it for a few hours so far after getting a spare Beta Key off a friend.
There's a few issues I have with it, some of which were already highlighted.
1. Classes
Why the hell are there classes? Elder Scrolls has always been a level up where you want and be what you want sort of deal. Why in the world is that whole thing shot in the foot now? The best I can think of is balance reasons, but it loses a ton of Elder Scrolls feel when you remove that option.
2. Horrible Loot
The loot for basically every enemy is one single god damn coin... -.-
The loot for most box's and chest's is slightly more coin, and then minor materials for making soup's and potions.
Barely interesting gear. It's the only MMO I have actually had to go to a weapons Merchant and buy a weapon because none of the monster drops gave my anything better.
-Exception: Old Republic and Comendations, but that's a rare/limited currency that is essentially "Pick your rare item" so it works.
3. Way too many other's running around.
I get it in a field/open map, it's an MMO.
But when I go into a dungeon and a cave to do a quest, it barely feels like an Elder Scrolls seeing 50+ others running around doing the same shit and killing all the monsters.
4. Limited Combat
As mentioned before, it has 1st person like TES series (which is nice), but it's basically just a click until the enemy dies. With a very limited amount of abilities or powers to use in the hotkey... even if you're a mage. -.-
5. Lack of exploration.
You have this map area/locations you can explore within, But you can cover the whole thing within a hour (2 at most) with almost no secret's to uncover.
And you can't move on until you do the main story.
Can't even back track to an earlier area if you want to do a missed quest or simply get a change of scenery.
Overall, I rate it as a pretty low MMO. It's better than runescape and any of those other MMO's you only hear of from the kind of ad's you use adblock to get rid of.
But any decently famous MMO (Planetside 2, Guild Wars 2, Old Republic, World of Warcraft, Phantasy Star Online) I would rank as far better MMO's.