I am having a Love / Hate relationship with Dungeon Lords. I am many hours into it, and it *is* quite engrossing ...
First off, I like that this game has attempted to have the large open world as found in games like Gothic, rather than the closed maze feel of something like KotOR. It is a beautiful world, very dangerous. No random NPC's who don't belong on the road like in Morrowind, but that is a mixed blessing - while the hostile travel makes sense, there is little 'color' in the towns so far.
My two main gripes - map and quest log - seem trivial, but when playing in a large world with various quests and locations, they need to be robust. I was looking for Moonstones, and up in the middle of the Lost Lake, I came upon the grotto where they were located, but it was a matter of swimming around and hunting for familiar things between the compass and the paper map. Just not good enough.
The Journal is another problem - you get these quests, some of which end up as page after page of expository dialogue ... but in the Journal you get the equivalent of 'bring the sword to Bob'.
I have hit level 10, tons of experience, but the Mage portion of my character still feels weak - my 'BattleMage' (even though I chose sorcerer) is mainly a fighter with magic weapons.