So far the game is just amazing, from being visually stunning to its vastness (it is just huge) I started as a Hobit and everything feels like you are in LOTR 's world.
The towns, landscapes are full of life.
The good thing I really like so far are the one person instances, the fact that some quests require you to group with people in a fellowship.
There is no PVP but a lot more emphasis on character building with traits that can be earned, titles, exploration.
It's still beta, but so far, it's looking good, still too much lag in high populated areas such as towns. Right now, I am still trying to figure out the profession system.
Between WOW, SWG and this one, LOTR gets my vote. It is the best graphics on a MMORPG, will remain so until Age of Conan comes out (supposed to use DX10).
As for NVW2, I would rather buy the Obilivion's expansion. After over 100+ hours of gameplay one can still remain busy in Oblivion.