This game has sooooo many brilliant things about it. Unfortunately, it's got many bad things about it. The funny thing is that the really good things are also really bad things too, from a certain point of view.
1. The skill system. Skillpoints are everything. You set a skill training and it'll keep training until either you change it. It's time based, not grinding based. So hardcore grinders won't get ahead of casual players. While this is great, it also means that a new player will NEVER catch up on skillpoints with an old player.
2. You can make your mark in the game. Since it's one single universe, it's possible for players to become fairly famous for good or bad reasons. The bad part is that what someone builds - another person can come and take it away. Imagine investing hundreds of hours in real time, where what you build can be taken away from you permanently if you're not able to defend it. Make sure you're able to detach yourself from the game before you attempt the high level 0.0 space stuff!
3. PVP. It actually means something. When you fight and die - you lose your ship, your modules, your ammo and any cargo you had. If you're not quick, you can also lose your pod (which means your expensive implants can be lost and you'll have to pay another cloning fee (which gets high at high levels of skillpoints)). For me, this meant that PVP could really give an adrenaline buzz. If you lost your ship/pod, then it could mean a few hours of grinding missions/NPCs to replace it. You don't just respawn somewhere ready to go again. This is what made Eve pvp the best I've seen in any online game. However, because of the losses possible it gets to the point where people don't like to fight unless they'll win. Blobbing (huge groups show up on the map as a blob)) wins battles. Be prepared to spend a whole evening doing nothing because either you or your opponents don't have enough numbers for the fight - most groups will never fight even slightly outnumbered.
4. Lag. CCP will advertise that warfare in eve is epic. It certainly can be. CCP have continually worked so that bigger and bigger battles are possible. This just means that alliances have got bigger and bigger and stuff more people into systems to try and lag out the other side.
5. POS (player owned station) Warfare. This is what killed Eve for me. On the one hand it's good as you can now properly hold space. However, with POS timers the defender just times the POS to come out a time when he can bring the bigger blob to defend. POS warfare means that the biggest alliance can get to win Eve by just bringing everyone to one place at once and lagging out the opposition.
6. 2 is better than 1. Anything you can do with one account, you can do more than twice as well with two accounts. If you start out, you'll find out that it's a waste to spend industrial skillpoints on a fighting character and vice versa. If you like Eve and you can afford it, you WILL want to get yourself a second account.
7. The learning curve in the game is HUGE. Even with the new extensive help system, it's still incredibly hard to get started. Learning Eve takes time and dedication, the good thing is this weeds out the 10 year old CSS kids. Eve's playerbase was always 18+ when I played for this reason.
I still remember my first days of Eve. It was magical. If you let it - Eve is WAY more addictive than WoW. I really enjoyed my time playing and don't regret the 100s of hours I invested playing. But POS warfare has just destroyed my enjoyment of the game too much to go back. This is a beautiful game that I would encourage anyone who enjoyed Elite II or Freelancer to try. Just be aware it is addictive when you figure out how to play :)