Gameplay Monthly reviews Sword of the New World and concludes:
Though far from perfect, Sword of the New World is a fun and fairly different MMORPG. It probably wouldn't be worth a monthly fee, if only because it's severe lack of polish and poor translation, but for the price (basically free until you hit level 100) it's a bargain.
At the very least, I think it's worth a look. I've found it to be a lot of fun, but then I'm still pretty low level. Since it's free, it's not like you have anything to lose, except the time to download the client (which is something like 3.7 gigs).
There is an upcoming "expansion", and the company behind this promises it will fix a lot of the nagging features people have complained about (translation, bots, lack of high level stuff), though whether or not it actually does will remain to be seen.