The game definitely loses it's appeal after a while, but that said, it has the single best combat system I've ever played. I'd love to see an epic role playing game using this system...can you imagine how fun Oblivion would be if the combat were like that? Parrying with a sword is so awesome, and you can even do a parry/riposte type thing by actually attacking in the direction of the enemy's weapon while he's striking. If you time it right you knock his weapon away and hit him.
And then of course, it's practically the only game out there that actually has decent mounted combat. Oblivion mega failed in that department...you have to get off the horse to fight
In this game you can charge with deadly effect and people can strike the horse out from under you, and pikes actually work beautifully against a charging knight.