The game looks boring to me, honestly, and except for the water effects, looks like it was rendered using the Morrowind engine. But then again, I've never been a huge fan of ES (played Morrowind, Oblivion and Skyrim anyway) and certainly aim to avoid taking an arrow to my wallet with this one.
I doubt it will have an effect on WoW unless it gets a huge following -and- there is something unique to this game that you cannot find in any other MMO at all.