I haven't played long, but I guess I can see a slight resemblance to something like DDO, LotRO, or WoW. if I had to categorize it though, Id call it a Fable clone. Right down to the nutty inventory system.
Im playing on the PC but I can see this being right at home on the console. Its been pretty fun so far though. Since there are no mod tools (I don't think…) I will probably pick this up for the XBox360 catalogue since I don't have many games for it. This seems like the perfect game for that