Combat, after seeing IGN videos, looks pretty repetitive and boring in the early levels. Hopefully in the later levels it picks up a bit; which I'm sure it will considering you'll be learning new skills.
Not any more repetitive than most MMORPGs. Less, I'd say, unless you don't bother to avoid hits or block or anything like that.
Still, after all it's apparent shortcomings, it more than makes up for it in eye candy.

The eye candy is one of its biggest shortcomings for me! I mean, some is good and all, but playing as a female pretty much means you're forced to be almost naked 99% of the time.
I had a level 9 Castanic female warrior going until I deleted it and made an Aman female Lancer.