Sorath - see this thread for invites
http://www.theoldergamers.com/forum/...ml#post1203297
(or PM me, I have 4 I can send you...or make an account at
www.mmorpg.com, if there are any invites left there)
Its free to DL and play, but there are items you can't use unless you become a member - generally what happens is as a non-member you will find something uber that you can't use unless you become a member, and that pushes you to spend $5 USD a month

There are however many people who play the game without membership, and see it as a measure of their ability that they can do the same dungeons without the member gear.
(Similar to Project Entropia in that regard)
And yes! There is no depth to this game, no Lore, no travel time to speak of (unless you count running between mobs in the dungeon itself), no crafting, no guilds, no trading, zip. Some of these features are on the way, others, like trading, apparently will never surface.
They also don't take themselves seriously - weapon speed 'Grandma' or 'Ludicrous', crazy item names and some fairly amusing NPC banter all give the impression that while the game is seriously developed, its not a 'serious' game like Vanguard.
Graphics are quite wow-ish, cartoony, and exaggerated (especially 2h swords!)
And Sorath...weren't you giving up on MMO's? I thought I read as such in one of your leaving-wow posts. This game might be an option for you, but the urge to run one more dungeon to check out the loot you might get could be a problem. Its addictive!
And I reiterate, this game is easy to get invited to - either by the thread I mentioned at the top, or MMORPG.com's special feature giveaway accounts.
Or pm me :P
*edit*
Strictly speaking, I don't think the game is really in Beta anymore - there are many features they are talking about adding, and some changes to the class system - however, like virtually all MMO's these days, this release is hardly a 'final version'