There's a first(?) German review
here at 4Players. The reviewer is the same as the one who tore Gothic III a new one and he awarded Two Worlds a score of 78% saying that it's a pretty good action RPG that is better than Gothic III but not as good as Oblivion.
The main points of criticism are a lack of polish (bad collision detection that makes -not only- horse riding very annoying apparently), a lack of highlights during the course of the story, weak cutscenes, various logical bugs/issues, little response/reactiveness of NPCs to your actions, poor dungeon design, lots of recycled non-unique NPC faces, one-way dialogues almost throughout the entire game, a few really stupid quests (his words, not mine
), poor animations, no physics, no traps, no puzzles, mediocre soundtrack, no real city life, lack of complexity in character creation, tedious combat against wild critters (Gothic III boars anyone?).
And the positive stuff (some seemingly contradicting the negative aspects so there's probably a bit of both in those cases, like e.g. some really good quests and some really dumb ones etc) according to this review is... an interesting story, a huge game world, great looking landscapes & scenery & weather effects, nice selection of flora & fauna, lots of freedom in choosing a career, intuitive combat system, great choice of weapons and armor, seven factions that react to the player's actions, complex character development, tons of quests including a few really good ones, great journal, zoomable map, great (German) voice acting, horse riding & combat, comfy teleport system, three difficulty levels, five schools of magic, tons of alchemy ingredients and a good alchemy system, densely populated cities, classic & bizarre monsters, ability to improve weapons and armor.
All of that taken from the lengthy pro & con list at the end of the review.