I've been playing PerfectWorld International.
PerfectWorld International
MY BladeMaster on her flying sword.
The game is free to download and play.
Most of the time is spent hacking and slashing for quests but you can craft if you want to.
I usually PvE but you can PvP and there is a guild territory war system.
It is constantly being updated and there are regular promotions to entice people to buy elite equipment but you don't have to buy anything if you don't want to.
I think this is better than WoW, Everquest and all the other MMORPG's but it isn't perfect. (not yet )
Did I mention that it is FREE.