I've finished the first act (of four) with a Wizard character. It took about 7 hours playing solo and exploring the majority of the environment. I've read some complaints that the game is too short (reports of speed runs of <5 hours), but I don't get that sense. Plenty of content. Rapid completion times are probably possible if you run straight for the next quest objective, but that's not really the point of a hack/slash/loot game.
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The game has always-on DRM. It probably will accomplish what the publisher wants it to accomplish. It is also a travesty and poisonous to the goodwill that should exist between creators and those who consume their creations.
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The visuals are dated, but enjoyable. (This was the exact same feeling I got when I installed and played Diablo II on launch day: disappointment with the lack of graphical innovation followed by contentment as I came to embrace the style and execution.) The cartoonish element helps to convey the uniqueness of various settings and characters by emphasizing particular colors, shapes, and movements. All I can say is... it's a style. Maybe not everyone's favorite, but it works for what it is. Haven't played enough to tell if the game is "dark enough" for those who expect a lot of :grimdark: from their Diablo. Recommend setting your gamma low if you need more.
The cinematic sequences rock.
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The audio experience is excellent. The music works well and the sounds effects are varied and impactful, especially with a good set of headphones. Class-specific banter between your champion, his/her followers, and the enemies adds some extra fun. I can't speak for the voice acting on all characters, but I have no complaints about the male wizard. Little snippets of lore are delivered through journals found in the environment and when killing a new type of enemy for the first time (an optional bestiary-like reference is delivered by a variety of voiced characters).
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Death in "softcore" mode has virtually no consequence (10% hit to equipment durability that is easily repaired in town) and tight situations don't evoke a lot of tension. Hardcore will definitely be the way to play in the long run. As I understand it, the auction house for hardcore characters is to be separate from the rest. This should lessen the spoiling element to some extent for those taking the HC route.
(In case you don't know, hardcore mode is the same game but you only get one life. So... plenty of consequence.)
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Administrative tasks like town portals and identifying items are now entirely that. Click a button at any time for a town portal (short casting animation). Right-click any rare item at any time for identification (short casting animation). This is convenient. I can appreciate those who want to haul scrolls around or find a costly spellbook to learn town portal or who want to bring their unknown treasures to a sage for identification, but I don't miss the added inventory space, clicks, and time needed for those tasks.
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Player choice feels reduced. This is always a bad thing. You do not allocate attribute points, skill points, or really any points of any kind to your own champion. New abilities and modifications to them (runes) unlock at given benchmarks as you gain levels. The only choice left to you is how to arrange them among your six action buttons (left & right mouse, and keyboard numbers 1-4; the number buttons unlock progressively, so your choices are limited to start with). Oddly, followers receive two skills every five levels from which you can select only one, but these can be re-speced at will.
Each class has enough abilities and variations on them to make these transient selections at least somewhat meaningful. As there is no proper pause function and newly-allocated abilities must charge for 5-10 seconds before being available, swapping these mid-combat is not easy. Playing up to level 16 with the wizard, I now have several more ability/rune combos than I do slots and I have found that different situations and different combat style preferences call for different choices. I do not at all feel like I'm building a character that is uniquely mine, but I do feel that I have some freedom in how I play him.
This is not the classic hack/slash/look RPG experience from the Diablo series. It is more casual, but there is something to be said for the convenience. If I want to try something different, I don't need to roll a brand new character and grind him up through the levels to see if I'll like a different build. What the streamlining/dumbing-down/convenience boils down to is that I'll end up playing less Diablo 3 because it doesn't take as much time to experience every possible choice.
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Hacking and slashing is very rewarding. The combat wasn't terribly challenging for me in the first act on normal difficulty (died twice, once being during the act's final boss fight), but it was still entertaining. It's much fun to watch my spells and abilities tearing through bad guys. The pace is just about right and named/unique enemies can pose a challenge if you aren't careful. In a party and on higher difficulty levels, the combat will certainly ramp up. As some people say, the real game starts on the highest difficulty.
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There is still fun in finding loot, which is good since it's an integral part of a game like this. In addition to selling stuff you choose not to equip, you can salvage it for components. A blacksmith follower (who stays in town) can use said components to craft new (randomly-generated) magical items for you. You spend gold to train him and unlock new items for him to forge.
Overall...
So far, I'm having fun playing Diablo 3. I expect once I finish the campaign and move on to playing higher difficulties with hardcore characters and/or playing MP with the wife and friends, I will continue to have fun.