I played for about 3-4 months in the beta, and it was going in a great direction. I'm not playing atm, just don't have the time or HDD space on my laptop atm (22gb installed... i'm sure it's probably bigger now). The world is HUGE, lots of content, quest etc. Crafting is taken to a whole new level, similar to Horizon i'm told, but even more involved. It's anything but WoW like. Travel is not easy. If you want to travel across the continent or to a new continent, it's going to take WORK. Often, you'll see people creating caravans so that they can travel together (so the lower level people don't get killed)... the caravan system is like a group system, you create a 'group' of people called a caravan, and wherever the caravan travel, you'll travel along as well... even when you're logged out.
When one of the continents were coming down for work, people had to leave it so their characters wouldn't be stuck on the continent, so people created caravans to leave for other areas. Low level people would log out for a couple of days while the higher level people make the journey, and when they got to the new destination, they would log back into where the caravan camped.
Banks are not universal either. If you store things in one bank, you can only access it from that bank. Good thing is that your horse pretty much becomes a travelling bank as well. You can park your horse outside a dungeon, go in, loot up, go back outside, unload it onto your horse, and go back in. No need to travel back to town.
Death penalty... lol if you like WoW, you're probably going to hate Vanguard. If you die, you're naked, and you need to retrieve your corpse. Hopefully you ran to a safe place that you can retrieve it, or you have a second set of equipment on your horse, boat, or in a nearby bank. Or you have friends that can help you. I personally love corpse retrieval. Makes the game exciting... knowing that you're deep in a dungeon, and if you're not careful, you can leave your corpse in a very bad place.