It's decent enough with it being new and all, but I have to say that I wasn't overly impressed.
The past few MMORPG's I've played with small loadouts have all failed to keep my attention for very long. The Secret World, GW2, and Neverwinter all have small loadouts and very much feel severely limited instead of "customized" in terms of what abilities you actually run.
I should also mention that the graphics in ESO is downright embarrassing. Washed out colors do not look more "Realistic". It just looks bad, at least in my opinion. Skyrim got away with bad graphics and combat, because in a Bethesda game you tend to look for a big world and have fun messing with the enormity of it. An MMORPG needs a little more than what their traditional design affords.