I tried out the alpha today, and it's really good. There are some issues, such as screenshots not working, and some Player Characters had their head spinning (Not a la Exorcist, it would go in through the chest, and pop out of the spine. It's not as creepy as it sounds, but it is somewhat distracting). Personally, I hope they keep it (as a command) because dispite the fact that it kept on like that for a good ten minutes, it was good for a chuckle.
Anyways, the graphics are pretty good, if you've played around with the pony creator thing that the Pony-Kart dev team put out a while back, it's like that, but not quite. The models aren't as smooth, and there are no outlines (And for that, I thank them). The environment (especially the buildings) look very good, but it feels a bit empty. Needs clouds or something.
Gameplay is pretty straightforward. WASD for movement, hold down right mouse to turn character, blah blah blah. There are some commands that you can type into chat that let you do stuff. /facehoof, /sit, /stand just to name a few. /sit is pretty popular, as it lets you scoot around at a normal speed in a weird position, and it's pretty fun.
So, if you decide to check it out, feel free to add me to your buddy list. My username is BadMan171, and my character name is Pan Handler.