It's terrific.
Each race has a different area to do roughly lvl 6 to the high teens. They have VERY different flavours to them, much more even than the different starter areas in WoW.
Hobbits go to the Shire; they mostly do delivery quests, pie eating (spot on for Roch
) - that sort of thing. Sounds kind of dumb, but its a really nice change and the area is done very well. I was stuck in a quest today and thought it was bugged; normally I'd get erally annoyed but I just sat under an apple tree and it really gave the feel of sitting in the Shire. Hard to describe really.
As Tree said to me, it is just devastating that our good friend Slav isn't here - he would have so enjoyed it, sitting in a corner of the Shire crafting away.
The classes are all very different, with there being only seven of them. Some of them can find it tough through due to equipment dependancy. Also, its easy to have preconceptins about classes from other MMORPGs (eg Burglars are the Rogue class, but not DPS, Loremasters are the pet and only caster class, but they are one of the harder to solo).
Overall, I'm more than happy with it.