Been playing this game on-and-off since i was a kid.
Wayyyy back before it finally came to steam.
I can assure you of this, the game IS fun. ESPECIALLY with friends.
HOWEVER...
Like most MMOs, there IS a subscription required to access like 90% of the game.
(there are occasional free weekends/weeks/months depending on events)
It's not too expensive (like $10 a month), plus there is the option (which is cheaper in the long run) to purchase area access one by one.

Does this game get updated? Yes.
Does the PVP get balanced? Eventually, but yes.
Is there a flow of new content? Yes.

[Pros]
+The gameplay is addicting and fast paced, colorful and in-depth.
+Most world designs and themes/aesthetics are distinct, good looking, and very fun to explore.
+RAIDS, Farming/Gardening, Fishing, Photography, Monstrology (W101's Bestiary), and other side-activities are added often.
+Satisfying levels of loot drops and a community funded bazaar help keep items flowing.
+Tons of cards leads to crazy build potential, certain amulets letting players dual-school effectively.
+Story wise, it's alright, but it gets very interesting after Dragonspyre (5th Major world).
+Runs well on most PCs despite their specs, even toaster builds can make it work.
+Pretty damn good customization for fashion and decorating, especially in the player's house.
+For those who care, AMAZING sound design.

[Cons]
-KingsIsle still thinks that mostly children play this game and censor the hell out of it's chat.
-It has a terrible punishment/ban appeal system that has led to community drama in the past.
-Sadly, it sorta IS pay-to-win in some aspects, like gear/wands, gems, battle potions, etc.
-PVP can be quite meta based, leading to spell changes/nerfs that affect PVE.
-Some of the late game areas can drag on forever, portals only helping a little.
-Some late game bosses are impossible to beat alone.
-Pet training is expensive, takes FOREVER, and is RNG based.
-MATERIAL FARMING & LATE GAME CRAFTING YIELDING SUBPAR REWARDS.

Overall, a not perfect, but good MMO to pick up if you haven't started pouring time into one yet, I'd recommend it.