Yes its level based.. yes its equipment based.. but its also skill based.

HUGE # of races and classes and attack tactics. Game is far more twitch than WoW. Combat is pretty dynamic.

In WoW, I was able to play with 4 toons dragged on my ass (yes I was playing all 4 with 4 keyboards/computers). I can't do that in this game.

VERY large land mass.. you can own houses, horses, your own ship..

Crafting system is the most involved I've ever seen in any MMORPG. So in a way, crafted equipment may make a big difference vs. quest mob loot.. though I'm not sure yet, I'm still a noob.