You probably won't like Arx Fatalis, not because it's not good but because it's a throwback to Ultima Underworlds and the Eye of the Beholder style of dungeon crawl. They don't really make games like that much anymore, and from what I remember about you you're younger (teeenager, right?). It doesn't really play like modern games so it tends to be more popular with the nostalgia crowd. Game has virtually no plot, and won't explain anything for most of the game. That's how these games played.
Get Gothic 2. It's better than the first one. You won't miss anything storywise that they don't explain in the first 15 minutes.
Actually I've played Arx when I was 18 (2 years ago) and absolutely loved it, while I still hate Gothic. Oh, and I dislike dungeon games as well.
Well, so I can add to your pros and cons list as well:
*Atmosphere. This game is just so damn atmospheric, with it's very ... lookable graphics and stuff you can do (yay for baking bread! :D )
*Magic. I loved it's magic system.
Well.. I really DID love the game, you can't expect me to be unbiased, can you? :D
*Well... Living cities I guess...
*While cities are nicely presented, wilderness is something HORRIBLE. Their nature is... Let's say slighty overpopulated. And it makes walking from a place a) to place b) hell, combined with it's combat
*Not... Really that interesting, I didn't really see anything original in G2 and I didn't play G1 too much