Welp, I went ahead and bought it. Definitely my style of game. I can see myself putting hundreds of hours into this one. I've played about 6 so far. The graphics are beautiful.
I know part of this game is finding armor to make yourself look cool, but how can you ever wear anything other than the pirate hat when you're running around?
29 hours in already and still don't want to move the main story along much because I'm enjoying exploring and doing faction quests. Really enjoying this game.