Well the best things about loong come from it's lack of classes and really giving you the ability to play how you want. Instead of classes you choose weapons and you are allocated mastery points that you can spend at your discretion on whichever weapon suits your fancy. You also are given control over your character stat growth (str,int,dex,etc).
Unfortunately the PVE content at the early levels and somewhat into the later levels, is far from anything even remotely challenging. But the quests offer exceptional experience and so you level rather quickly. I suppose worth noting was the game's inclusion of a few quests that weren't "kill this" or fedex styled, but rather tested your observation skills or your ability to move effectively in the game world. (such as:"jump from this pole to this pole to this pole and talk to the guy standing at the top)
The game world is rather massive and beautifully rendered, so you always have some kind of eye candy while your playing.
So to answer your question about whether or not the game is as good as everyone says it is, "The game doesn't revolutionize the industry, but instead delivers an extremely complete package. Loong Power of the Dragon is definitely worth a try."
Wow. So, there's gonna be actual obstacle challenges? I might try it, since you put it that way, but I still don't like the oriental style. Not that I dislike the Chinese style and such.
Not a huge fan of Loong myself, played it in and out of the CB and the point system/skill allocation system just didn't do it for me. Not explained well enough to be fun. Just felt like I was distributing points blindly and didn't know which weapon matched up exactly with what skill tree.