What We Already Know:
You couldn't walk 100 feet at E3 without bumping into a free-to-play RPG, and Korean MMO giant Nexon was showing several of 'em. Vindictus is probably the most anticipated amongst hardcore MMO fans, with an attractive swords 'n' sorcery aesthetic and real-time combat.
What We're Seeing Now:
Unlike many MMO games Vindictus has you choose between a few pre-made characters. The E3 demo offered Lann, who inflicted rapid strikes with dual swords, and Fiona, who hit harder but slower with a traditional sword / shield combo. I thought it nifty how the female character got to be the strong/slow one for once. (A forthcoming character, Evie, will be a mage who can assemble a nifty-looking golem from junk.)
From there it was right into a four-player dungeon instance, which sounds to be Vindictus' main mode of play. The real-time combat was pretty but button-mashy-aside from the occasional block, grapple or thrown item I wasn't getting much sense of variety or strategy. Nexon seems to be banking on a Diablo-like appeal: always one more item, always one more bit of loot.
Vindictus is free-to-play, and Nexon is still crafting its business plan. Right now it sounds like the game'll feature microtransactions for items and such, with new content rolled out every other month or so. I wasn't super intrigued by the bits I tried at E3, but the beauty of free-to-play is that you can try it for yourself when it hits North America later this year.