As someone who has worked on various Oathbound projects, let me see what justice I can do it...
First off, this is a setting where everything goes. Since the movers and shakers of the world are drawn in from other worlds, you find a great deal more races than you would in most settings. Many of them are very animal-like, but the old standbys (humans, elves, dwarves, and halflings) are present. There are a couple races that are completely off the wall in a very cool way. Many of the races are a bit more powerful than the traditional D&D races, so ECL is an important factor. If you want gunpowder - no problem, you want to do mostly dungeon delving - no problem (in fact the entire under city of Penance is dungeon), you want to play politics - again, no problem.
Oathbound is definitely a world that is driven by the personalities of the individuals that shape the world. You have a common blend of heroic and diabolical with a refreshing number of them that are definitely in neither camp. Some are insane while others are power hungry. The coolest race (in my opinion) are the asherake. Characters have the ability to become leaders of this world and this is definitely not a setting where the party will always be secondary to featured NPC's.
One of the coolest things about Oathbound is that there is a compelling "secret" back story, but the reader of the book is given most of that information, so it can slowly be made known to the party as time goes by. The setting also supports things like changes in power, and secrets becoming known (at least to the players).
Some have compared Oathbound to Planescape, but I choose to look at it for what it is - its own world, full of unique individuals and power structures. Be sure to download the adventure I wrote for Bastion Press, which is available for free at the following URL:
http://www.bastionpress.com/Downloads/Akaya.zip
Oh, and give the art some time. It will grow on you. Todd Morasche is a good artist, even if his stuff isn't standard fantasy fare.