Well if you're talking about the one being produced by Turbine Games, you're talking about a MMORPG (Massive Multiplayer Online Role-Playing Game). While MMORPGs can be a lot of fun, the actual amount of role-playing seems to be very small.
This isn't a situtation where one of you is the DM creating adventures for your friends. That is all handled by the nice people at Turbine (be it for good or bad). I've seen some early screenshots and movies from the game. So far they don't seem very impressive. But it is still very early in development and there is plenty of opportunity for them to polish it up.