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"Other games do have that magic, like minotaurs and other creatures and spells," Rawlins said. "The most fantastical beast in this game is a giant snake, and it's only about waist high" - Lead Content Designer, Tyler Rawlins (article)
For some reason, I like this statement. While anybody that's familiar with Wuxia (Crouching Tiger, Hidden Dragon) combat, you know that 'reality' isn't a word you would normally use to describe it. The 'reality' of AoW is more about the world. There also seems to be a big emphasis on PvP and learning combat skills. It's deep.
It's obvious that this game won't be for everybody, but I can say that after playing GW2 and other fantasy games that feature gigantic bosses and imaginary creatures, I'm looking forward to a game with a bit more realistic-world and combat.
I'm looking forward to trying this one out when it enters it's first NA beta test in November.
If in 1982 we played with the current mentality, we would have burned down all the pac man games since the red ghost was clearly OP. Instead we just got better at the game.