I'm pretty pleased, actually!
There needs to be some polish, of course, and like all MMOs it's never going to be perfect and the chances of it having a picture perfect launch are pretty much the same as me growing a third arm that can feed me chips while I game, it'd be freaking awesome but I won't lose sleep hoping for it.
I think this game has a lot more RP ability then XI did, and with the community being so organized and ready to join the game I have a very good feeling RP will be a key part of the gameplay experience.
The whole thing feels so...organic is the best word for it. I don't have to go home and talk to a flying midget to stop punching orcs and start slinging magic, I just put my fist weapons away, grab my magic-stick, and just blast away. The world feels very immersible, which is kinda Square's thing. Crafting is very natural and fun to do, instead of just watching my character stare at a glowing rock for a bit.
Stability needs work, but it always does, and I'm one of those people who will never say there's enough customization options.
All that said, I give it a good solid B, room for improvement, not perfect, but far from being a bad thing, and the organic feel of the world and gameplay makes you forgive the negative at times.