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Just played it for few hours, finished school tasks. It very much reminds me of Perfect World and Jade Dynasty, except no levels. I liked that there are many combat styles and abilities which make fighting indepth, but everything else felt mediocre. Boring and plain stupid quest system, where for each one of 20 starting abilties you have to do basically the same: talk to NPC, run, do silly tasks with horrible writing, run again, run again, talk to NPC. Graphics on par with Perfect World, maybe slightly better. Pathfinding (you can click on quest NPC and character runs there himself) is horrible. One thing game doesnt lack of is amount of grinding and progression. You'll have to put in gazillion amount of time to unlock and develop everything.
Comparing this to Blade & Soul (which is also martial arts MMO), it feels that B&S is in another league. Better graphics, smoother combat, much, I mean MUCH better storyline and quests progression. And amazing cutscenes. I think people who liked PW and JD will like AoW. But it hardly can capture western MMOs vets
Thoughts after second, more indepth look: