I got to play on Wednesday. Here is a mini review I sent to Meepo. I was a player and not the DM. Long story on that point but it worked out.
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My quick review: 4E seemed to be fun, but it did not seem to be a RPG. It seemed to me like a cross between Heroscape and Magic. (NOTE: that's not an insult, as it is an observation.)
The DM that my group had did not expect to DM tonight, but had to jump in cause of the amount of people that had shown up at the store, so he wasn't prepared. I do give him credit for volunteering. While he was a little sketchy on his knowledge of the encounter itself, he seemed very knowledgeable of most of the 4e rules and was good at explaining them as we played. The downside to that was it took almost 2 1/2 hours for the one encounter, although the other two table didn't finish much sooner that we did.
I played a cliche Elven Ranger who's focus is archery that I made with the Character Builder. Kudos to Wizards for such a great gateway device. The party had a dragonborn cleric, a psion (not sure what race), a pregen drow, a human paladin, and a rogue which I think was a half elf. So it was kind of weird having such an eclectic party from my viewpoint, but in a way it was a little refreshing. Most at the table were new to 4e and only one person was there the week before.
Once combat started, it took forever between each player's turn... I attribute this to most of us not being familiar with the rules and the DM explaining the many possible options on each persons turn. As the game went on, I started getting familiar with my character's ability. Once I got the hang of it, I was starting to enjoy the battle.
I had fun, but could have had a lot more fun if the circumstances were different. There was ZERO role playing which I would look forward to in a full on game. I could see as a DM how things could get out of hand really quick with keeping track of conditions and flanking and such.