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Ok, I've been playing this game for about half a year now, and it's still good! Maybe it's because it's free.. haha, anyways I really love the graphics... it's very realistic, more mature-looking. The landscape at times look like it was painted, and other times computer rendered. However, it is very consistent.
I can tolerate the lags on weekends, in my opinion it lags less than 9dragons or Silk Road. On weekdays, the game is very smooth-running. I have a middle-range laptop, and on medium settings runs exceedingly well. Most people are in there twenties I think. This makes the atmosphere more adult-oriented. As a result, there are significantly less childish comments flying around.
Rappelz has a very advanced chat system. I believe this is important in making the world feel like a community. This also stops people from running around with long strings over their head.
There are two modes of Rappelz (depending on which server you choose to play on) PvE and PvP. the PvP is very fun and risky, and PvE can also have PvP elements due to pk-on modes being available. To make sure new players won't be constantly killed, there is also a morality system. This can make even the most powerful player weak as a lamb in a few newbie-killing sprees.
Like many rpgs, this one also has a land ownership system. Guilds and their allies can take a dungeon, and defend it. Dungeons provide money through taxes, and offer convenient teleport-ability. However, there are many more guilds than dungeons so there is always something to look forward to on the weekends.
I enjoy Rappelz for the people and the beautiful graphics. I recently turned down the music so I can play with some of my own background. However, the music is still good. Styles are mainly orchestra, and brass.
The game is relatively new, and so about every couple of weeks there are new things coming out.