Arx Fatalis is a very fun game by its own merits, it's just that it's a bit too short and what little story exists is terrible. The setting, on the other hand, is incredible. Enjoy the swordplay and the unique magic system but don't feel like you're missing out if you skip every single cutscene.
This is a great game and a must-buy for anyone who really loves swordplay or action games in general. The only gripes I have about it are that it really hasn't aged well and can get kind of buggy. Being able to crank up the resolution would have been great, as would being able to enable 3d acceleration without an external program (Glide Wrapper) and putting it into Windows 98 compatibility mode, which of course causes problems with detecting save games. All in all, though, it's worth it, especially if you can find a friend to play online with. This is a steal at six bucks.