yeah, the armor and weapons thing is pretty big. Early on it only costs maybe 20-50 gold to repair all your worn stuff but that still represents maybe a half hour of work (1s per enemy killed). I can imagine it maybe costing 100's of gold late game.
The crafting is deeper than any MMo like this. It's got a huge (and somewhat complicated crafting system). It's crafting is comparable to other TES games with a few differences. One of the best things I've learned is that the many kinds of food and beverages you can make will deteriorate over time to 50% of their original values. So you'll get "Cloudy Aquavile Wine' after having it for too long without using it. The inventory limitations are pretty high also. They have an item bank buts it's only 60% of your actual inventory space until you join an in-game guild and then you can bank more items with them. I don't know how much yet.
The character creation is revolutionary in my opinion.