I will give it three months. If it still feels like a bugged out rough edged flawed version of Oblivion by then I won't give Funcom any more of my money (499 SEK to purchase Collector's Ed and 15 EUR/month subscription).
But it's early days. There are undoubtedly lots of defects still to be fixed and unbalanced environment/race/profession/quests to fix (like for instance the low level volcano quests! I stopped counting the times I died after the first twenty times or so...). The whole game might also leave a completely different impression once you get past the low level quests.
So I'll give it a few more hours and wait for higher level quests, game-feel (my own) and eventual bug fixes.