I certainly liked DAoC a great deal when I first got it. I was amazed by (a) how good it looked, and (b) how many of the obvious bugs and problems of other games (e.g. EverQuest, Asheron's Call) had been dealt with.
But that said, the game is unfinished. I mean really unfinished. There are about 12 monster models in the whole damn game; they just change their names and sizes to give the appearance of variety. The dungeons are much the same; some of the dungeons are duplicated across different realms with different names, and in one of the realms (Albion) one of the dungeons has a big chunk of another dungeon cut-n-pasted right into it!
I realise these aren't game-killing flaws, but if I'm going to pay for the subscription, I'll wait until they've had a chance to put in a little more art.
Other problems include balance between realms and classes (again, balance problems are nothing new, but things seem to be changing very quickly right now, and I think it might well settle down in a few months) and the fact that the biggest selling-point of the game, Realm vs Realm warfare, is poorly and incompletely implemented.
Again, all of these things might be fixed nicely in (say) three or four months' time. But right now, my advice would be to stay away and let them figure the game out. I find it very frustrating, and quite boring, to play as it currently stands.
Now, all of that to one side, it is the best of the current crop of online RPGs, and I think it's the current best for someone who hasn't played these games to start with. But personally, I would recommend holding off for a little bit before you decide to pick it up. I bet it'll get really good in the new year.