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Tera what I like and dislike...
Like
1. Combat.. is Fun in this game and a bit diffrent and gives a nice change of pace.
2. Mobs/monster, You can hit them in the back for extra damage if you equip for it. You can equip for extra damage to trash mobs or for Bosses. They can glow red in the Eye and do a more powerfull attack. Fighting Mobs in Tera you can use your Own Skills to beat them. Figure out how they move and beat them the fastes way possible etc.
3. Long Health regen times. This will seperate the good players from the bad. Those that are skilled will take less damage and finish content faster. They will level faster and be able to stay fighting longer betwen resting. Reminds me of the Good old days...
4. Combos, you can string ablilites to your liking and spacebar to exectute them. This makes for Timing accuracy, will play a hughe roll in Pvp and harder content. It will be a good thing to learn and master your skills. You have fewer skills but using the right one at the right time will be Important. For those of you who thing less means better I say go play a MOBA like league of legends (4 skills) and learn to understand that less dosent mean more depth, if the more is just Fluff. Anny hardcore PvP player knows that its Timing and Execution that is Important not that you have 100 skills...
5. Fun to grind.. Mobs die nicly.. you get a good sence of SMACK DOWN when you kill them... This is something the Old games all had.. you were stuck killing them for a long time so there death animations and genral feel had to be good.. and Tera Dose this right..
6. PvP is fun in this game.. hands down. But dont blame the game if you get pawned threre are some very good players out there...
7. Charecter creator is Really nice you can tweak alot of things 
Only the face though...
8. you can CLIMB, dident know you could do this.. but I Cilimbed up a wall to get a flower for some quest... This mechanic can be expanded for cool game mechanics later.. for sure
9. OUTLAW system.. I just like playing the bad dudes I guess..
10. Guild Vs Guild Wars...
What I dont like
1. It looks to be Instanced zone like AOC.. if this is the case it will not be something I Will like.. I will still play It I think but I just hate that setup.. it takes away from the Open WORLD feeling.. havent tried it enough to know if this is how its going to play all the way but First ISLAND is broken into multiple Instances 
2. Weapon verity is none existant.. Berserker will always use 2 handed AXE, SLyer will uSe two handed sword.. this is not game breaking but I might grow tired using the same type of weapon all the time... and then again I might not to early to tell...
3. You have 3 gear slots.. so dont expect much verity in looks.. You do have Nekless, 2 ring slots and 8 crystal slots so in terms off using diffrent setups, this is not an issue. But for you out there that likes GEAR... you cant custimize that much.. No helmets.. You spend 99% fixing your face in the charecter creator ( so might be stupid to put all that work to waste putting a helmet ON). You have Heavy/light and cloth armour... these are shared betwen classes... so Im guessing heavy armoured Human Lancer vs heavy armourd human berserker will look exacly the same.. accept for the weapon.
4. Most people will proably not find the Questing FUN... I personaly dont care.. I rather grind, but Im a small % of the general population. You wont find annything Uniqe about Teras Questing.. Good thing though Its easy to find were you going and MOBS you need to kill have exclamation mark above their head. So if you are out running to do one quest and see a monster with ! above it you know you need to kill it. Also every collection quest you kill one Monster and you are done.. Exampel to get 10 pelts you kill 10 no more no less. You dont have to kill 25 to get 10 to dropp. So questing is on rails.. but very easy and accesable you wont have think much 2 do it so to speak...
Overall it takes a little time to get used 2 the controls... Pushing "F" key to interact with NPC and the word.. Cant move the mouse around freely unless you push ESC etc.. But they are not hard to learn and after 30m you dont even notice it anny more.. It feels very Natural and fluid..
Controls = 9.. I like how this game plays you feel like you are in control. You are playing the game the game isent playing you...
Quest = 1.. nothing new.. it playes like we are all used 2.. This can also get better later on in the game but havent had time to cheak it out...
Combat = 8 would have given it a 9 if you could use diffrent weapons...
cant score the PvP or anything other but overal a good experince but there are some things You should think about
Comments
This is pretty much exactly how I would assess the game, however when you say the island is instanced do you mean the channels? There is only a timed side quest instance and a final dungeon instance on the island. Same applies to the rest of the game, mostly open world with 1 side quest instance per zone, and the usual dungeons.
If you mean channels, please say so as people will think the open world is divided into zones, channels are a good way to manage server pop, far better than lag hell, or too many servers. If you mean the island is separate from the mainland, there would be little point swimming or sailing to it, and the Pegasus portals are on the main land to speed up travel, you can ride from one zone to the next if u want.
It would be best for PK reasons to keep the island separate from the continents as well, it is the starter zone after all.
I'd like to adress two of your issues.
Originally posted by Timeout77
1. It looks to be Instanced zone like AOC.. if this is the case it will not be something I Will like.. I will still play It I think but I just hate that setup.. it takes away from the Open WORLD feeling.. havent tried it enough to know if this is how its going to play all the way but First ISLAND is broken into multiple Instances
The channels(do not confuse this with instancing) is only for the starter continent, which only had like 5-6 zones anyways, the second continent which has twice as many zones is not channeled. This helps keep it less crowded in lower level regions. How hard was it to find mobs even with 30 channels for the starter island...now think about it with one channel and 30x the people in there. It would be about 1000 people on your screen at a time.
Originally posted by Timeout77
3. You have 3 gear slots.. so dont expect much verity in looks.. You do have Nekless, 2 ring slots and 8 crystal slots so in terms off using diffrent setups, this is not an issue. But for you out there that likes GEAR... you cant custimize that much.. No helmets.. You spend 99% fixing your face in the charecter creator ( so might be stupid to put all that work to waste putting a helmet ON). You have Heavy/light and cloth armour... these are shared betwen classes... so Im guessing heavy armoured Human Lancer vs heavy armourd human berserker will look exacly the same.. accept for the weapon.
The same armor looks different for each race and can be dyed 30 or so different colours. It will be more versatile than it seems right now. Also novelty headgear has been added to Korea and will be included with the final NA and EU versions.
Its channels yes.. but it still means You and I can be in the same spot and still not see one another... I dislike this function
You can still talk cross channels and just tell your buddy to hop onto your channel. It`s not a big deal at all and allows for less stress on quest mobs and NPCs in very crowded lower level content. The LFG, area chat and trade chat is cross-channel, you see everything anyone writes on any channel.
Instead of having 30 people trying to kill Vekas which was still nuts, without channels it would have been closer to 900, how would that have been...just think about it for a second.
Thanx for this.. and I wasent personaly Upset with the armour things as I said I would say its a waste putting a helmet on when I spent time getting my looks right in the charecter creator...
People also always want a show no helmet function so Its not really a game breaker 
The channel thing is good to know that its only in the starter zones thank you...
as I said if its only for the lower level cap I have zero issue with it.. I do understand the stress it would be to put to many people on screen at the same time..
This isn't really a thing for me, I'm neutral when it comes to instancing open world areas, but I wonder though: are you 100% sure that it's only the starter area, this is like it is with TERA Korean?
I wonder, because all arguments used for the starter areas also apply to areas past starter areas: you can still have hundreds of players roaming around in an area, making finding the mobs you need a problem, and there's also the issue, how will the game handle large amounts of players on screen? I know that Aion had only channels or shards in the starter areas, but when you had a lot of players bunched up afterwards, there was some serious lag plus characters got rendered invisible with only the names visible.
Also, does anybody know by any chance what the player cap is for a channel?This game seems to handle multiple players quite well, in 10v10 deathmatches with about 10 spectators, so 30 people all together, I would only dip down from 75fps solo questing to 50fps. Not much of a difference.
EDIT: NEVERMIND, don`t take my word on the channels anymore, i`ve been told that it doesn`t continue onward, but now I seem to have conflicting information, it also seems that they still have channels at higher levels in Korea. This might be a change coming exlusively to NA or EU im not sure now. I`ll have to get back to you on this.
Either way the channel thing is not an issue to me at all, as all of them are linked through all the general chats regardless and you can join someones party in a different channel.
This isn't really a thing for me, I'm neutral when it comes to instancing open world areas, but I wonder though: are you 100% sure that it's only the starter area, this is like it is with TERA Korean?
I wonder, because all arguments used for the starter areas also apply to areas past starter areas: you can still have hundreds of players roaming around in an area, making finding the mobs you need a problem, and there's also the issue, how will the game handle large amounts of players on screen? I know that Aion had only channels or shards in the starter areas, but when you had a lot of players bunched up afterwards, there was some serious lag plus characters got rendered invisible with only the names visible.This game seems to handle multiple players quite well, in 10v10 deathmatches with about 10 spectators, so 30 people all together, I would only dip down from 75fps solo questing to 50fps. Not much of a difference.
Also, like I said, it stops once you get to the next continent, at around level 40. Players will be much more divided at this point and you are getting two times the zone space for level 40-58 as you got for 1-40.
? I thought you were only talking about the starter island, but I'd consider up to L40 at least mid level areas. So, it's actually 1/3 of the world that uses channeling and after that none at all, right?
There's still the thing about players on screen and lag. 30 people on screen and fighting isn't really that much, heck, even AoC had that and that was a game that used instancing for all zones. The problems arise with 100+ to hundreds, as could be found in Aion sieges, that's when the issues occur especially if highly detailed textures and objects are included. That's why I wondered how TERA did it, bc every highly graphical MMO's handles the limitations in its own way.edit: ah, ok. Personally I don't mind, I'm good either way, I was just curious how they handled it for TERA. But thanks for the info so far, and thx in advance if you happen to find more.