Kalamar is certainly one of the most well realized fantasy RPing settings I have ever encountered. A bit dry, perhaps do to the writing style used ( a bit textbook like to me), but nothing that a decent DM couldn't add some pizzaz to. You can't go wrong with Kalamar as a traditional D&D setting. It has all you expect from a traditional D&D setting (elves, dwarves, orcs, etc) but unlike many settings it is very well written. The creators really care about their work and it shows.
The ONLY downside to the setting IMO is the naming conventions. Wow, Kalamar has some jarringly difficult to pronounce names. Names that are strange sounding for the sake of being strange sounding...kind of like the way a less than steller fantasy author would create. I'm not insulting the creators, but one of my peeves is naming conventions and Kalamar's naming conventions are IMO some of the worst. I am however very picky about such things so you can't necessarily judge using my point of view.
Give it a try.
Wyrmshadows