Loads of potential. The problem is that none of the in-game systems support the others. The open world is devoid of PvP, the crafting and gathering serve no real purpose since the economy is non-existent, the PvE content is amazingly repetitive and the world lacks any sense of lore.
It's going to take a lot of patching and a lot of hard work to get this game into a state where it's worth your time. But, as mentioned, it's got loads of potential, the world design and sound design are great, it's just not ready for release. Consider it a $40 open beta if you do purchase it.