Tried it out last night.
The arena was a lot less laggy then siege, I was getting about 7-8 FPS more than what I get in siege. I did it right before siege, and couldn't get used to the normal siege lag >.>
Also, VERY happy that Runewaker finally made a PvP thats not pay to win. Everyone gets same gear, equal access to runes, and no costly crafted buffs.
There's almost no PvE aspect to it. There's 1 or 2 mobs that you can kill for rune drops, but they're the same that can be bought, and you level up quickly whenever your team gets points from kills, though level seems to make no difference, I had no trouble killing people 5-6 levels higher.
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Terrain looks decent, and overall, its really fun. Just a bit disappointed at the lack of rewards, and it being a 2-3 shot fest. Though all the skills that people have complained about, like hide, T-storm have received a 5 second CD. Seems like they took all the class balance ideas and added it here. Also, I keep getting spammed by the message saying that I'm not in a guild.
And watch out for Raves. he might be a healer, but he's a beast in arena, bulldozing thru groups of us like a boss o.o