Fallout-style. There's leveling only to a certain extent but there are definately areas you have to avoid at low levels.

Great for an open world game, generally no.

Damn it! Knew someone would bring up The Witcher 2.

Tera Online looks better. Shows the power of UE3 in DX10 environments. Hell even Rift is a ton better.

I need to spread the love for this game :)

I'd say TW2 has a bit of edge on character models and lights but Skyrim trees and foliage is a bit better. WIll be interesting to see which  ones looks better in action.

I'll believe it when I see it.

Oblivion looked fantastic in screenshots, and not so great in reality, but this is on a new engine, so hopefully it will look considerably better.

Oh were in for such a treat!

I wonder how this game might look maxed out on PC and DX11...

It looks very good, as it is right now.

Mass Effect 3 will probably look better when they actually show shots given how nice ME 2 looked, and if we take all RPGs, Versus has the edge

I prefer my DK Returns graphics, although those eye candys in Skyrim are awesome too.