Rating this game a 3/5 overall.
Gameplay - Solid. Though there are some unbalance and/or broken mechanics which are being addressed.
Story - Vague. At this point, the story is very incomplete, and leaves open TOO many unanswered questions. Further, the player was never properly introduced to the story and world at large, and NPCs are just boring set pieces and mission turn-ins...
Looting - There is a fair bit of variety... but not on the level you'd expect and demand from a game of this scale when compared to any other RPG (Diablo, Mass Effect, Borderlands, Guild Wars 2). Further, this game REALLY needs to reward effort. RNG is fine, but efforts should also be accounted for in a fair manner.
Light Levels... - At this point, they should prolly be removed... its more trouble than it is worth. More like a job to grind out materials to upgrade your armor to get to the proper level to face a challenge that has a small chance of dropping slightly better gear REQUIRED for max level... D&D Online tried this, and... it failed... down in flames, and an apology from the developers. Remove and Fix.
Exotics - The devs need to come out and tell players what they are actually intended to be. Many people are of the opinion that they SHOULD be OP because they are Exotic... which is wrong. Imo, they should be slightly better, and just chnage the way the game is played. As well, the world is over-saturated by these most prestigious of equipment. Whats the point of them if EVERYONE has them??
Level Design - Fantastic. Jesus, this game is well built and pretty... MAN. That said, there are some exploits which will be mended that people just need to get the -blam!- over because... they are exploits. They are goin to be fixed because its NOT how the game was meant to be played. Further, specifically in PvP, there are certain maps that just... SUCK at certain gametypes (Control - Blind Watch... FIX B!!!).
Events - They were CLEARLY not tested... they were lazily put together and thought out. They are being change and fix, and I am excited for the next Iron Banners... bu the Damage has been dealt...