I've been playing this game obsessively for a couple months now, and still can't get enough of it. Learning the patterns of all the enemies is one of the most satisfying things I've ever done in any game. When you start out, you're just fumbling around, faceplanting into enemies and getting torn apart. If you practice enough, though, you'll be able to take on any situation without suffering so much as a scratch. Every part of the game is very doable with the default equipment, so you're never just screwed because the right items didn't drop for you. The weapons and spells that you can find all work differently and cause you to change your method of attack, but they're all pretty balanced. There are a ton of different weapons types with their own unique advantages and drawbacks, rather than traditional "tiers" of weapons (1 damage, 2 damage, 3 damage, etc.) And there's an instant replay feature upon death, where you can look and see what you could have done differently to save yourself (there's always SOMETHING). This is quite possibly the most well-balanced game I've ever played, and I adore it. Pick this game up right now if you can.
Edit: If you have any doubts, just look at how many hours I've logged on it ;)