I have been playing MMO's for years, both F2P and P2P and I have seen alot. I fully understand that this game is free and I do not have the highest expectations given how it survives on an item shop. I am just wondering if this game is worth playing, since I really do not feel like picking up WoW again.

The Game is still in Open Beta so it has still a couple of things that have to be fixed or optimized, like the Game Engine for example. The Developer is already working on a fix.

The game itself is great and has a lot of potential with upcoming Expansions.

Like Flip stated this game is still "work in progress" as it is only Open Beta still. This game is quite fun and worth trying out. You can expect many great new content to come soon and other great things. Even in the current state the game is still playable and enjoyable.
Some things worth checking out.
http://www.aeriagames.com/forums/en/viewtopic.php?t=1812139