I haven’t been this addicted to a game since Beyond Good and Evil*. It’s a very good hack and slash game, what many people are calling what Dark Allience 2 should have been (which isn’t suprising since this is from the same people that made the first Dark Allience). I’ve never played DA2, but I did play the first one, and this is better in just about every way. Some people have dubbed this “Diablo 3” on some other message boards I frequent. The online play (supports 4 players at once) is just frosting on the cake, and is much more challenging. It also supports voice chat, and it doesn’t even cost money 
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There’s enough replay value to keep you playing long after you beat it since you get better weapons, armor, and doohickeys you can attach do your weapons/armor on the harder difficulties. The graphics are some of the best on the PS2, and the music is exceptional too. One tune sounds like it was ripped right out of Braveheart. There are a few technical quibbles. Music stutters sometimes, the framerate drops occasionaly, and every once in a while, there will be big black squares on the screen because the graphics aren’t done loading, but overall it’s a solid game, and despite it’s name, has very very little in common with Everquest.