That's some hefty praise.
I've never played Warband, and I only played an early beta of the original M&B years ago. What games would you compare them to in terms of role-playing or gameplay in general?
Just like DArtagnan said and it is very hard to compare as it is unique. As far as story goes, it is up to you to make your story and make events happen tailored around your own story: you can be peasant looking to be a king (through money, allegances including marriages, or brute force), you can be feared bandit with no allegances, you can be a trader roaming around or looking to buy and develop villages. All of these features are not just tacked on but perfectly balanced: there is a fully functioning trading system with prices going up and down and merchandise available only in certain regions, you can open up businesses (making bread, smithing .. etc.). Even marriage, you have to befriend the lady, meet her expectations through her family and your deeds before she accepts you. You can have casltes to maintain .. etc, convoys .. etc.
As far as rpg elements, you have:
- character creation: male/female, background, detailed looks (in my view much more detailed and satisfying than any of the Bethesda games - I have made my avatar with this system!).
- character stats, skills and attributes to upgrade when you level up
- huge array of weapons to select with stats
- companions (that sometimes fight amongst each other) and you can set their hardware and upgrade their skills and attributes
- there are quests that you can follow
- trading system
I have not even mentioned the combat, the ability to create your own army, control their formation in real time during battles and the best melee system that I have seen so far, which is convenient for beginners (like myself) and advanced gamers.
As I said, it is really unique and a sort of a historical rpg/simulation.
It would look strange at the beginning, but once you learn the mechanics and start up your first recruits then you will be in for a huge, tasty treat!