I just received and begin to play with this game last night and I really like it so far. The first night resulted a long lasting gaming session (I went to bed around 2 AM). This game is very refreshing experience after playing endless number of FPS and racing games. The story line just gives me this epic movie like feeling. My only regret is that I cannot control the fights the same way as I could do in an FPS (or I might missing something). The game itself somewhat remembers me Warcart III - which is another great game to play. In both games you are controlling parties but in KOTOR you cannot build, upgrade or manage buildings. But the atmosphere very much similar to me.
As for the first play I am going with the light side but I think the dark side must be fun too. Man I will waste countless hours with this.... Cool. This is a must have game for your xbox collection, the other must be HALO of course.
Bioware
KOTOR site