I just bought this game over 4th of July weekend after trying the demo on Steam, and I must say its one of the best games I've played since Interplay's Fallout. Yeah the graphics aren't amazing, and the animations leave a lot to be desired - as a 3D animator myself, I see a lot that could be improved. Actually I've already started on an animation pack that includes better animations for the Quarterstaff and 2 handed weapons, I'll post here when its done!
It's true that there's no set "story" in a traditional sense, but honestly I've played lots of games where I had tons of fun playing them, and making my own stories. That's all part of the charm to me. I dunno, maybe its just my own personality, but the kid in me squeals every time I get to fulfill my Medieval Knight fantasy by running down hapless archers and infanty using a couched lance (triple damage!!)
Considering the dev team was basically two people, and looking at the story behind this game and how far they've come, I am really, really impressed. With all the huge budget bullshit out there, this game is a totally refreshing change of pace, and is (to me) the best game to hit the PC in nearly a decade.