IronArcturus: So I've never played the Mount&Blade series before. How are the "Warband" and "With Fire & Sword" games?
I really enjoyed Warband. Some things to keep in mind - it's a bit difficult at the start (you really do feel like a new knight) and it's a slow grind to build up the money needed to build up your equipment and towns. Assets are reused for towns (but it's really easy to navigate a town - you move in and out quickly and hit the "hotspots" to get done what you need to get done and bang, you're back in the world). Some of what you do can feel "samey." There is no real story beyond what you make of it.
HOWEVER...
And this is a huge however. The game is fantastic. If you get into it, you can sink a ton of time. You create and grow a massive retinue of soldiers, including both unique characters and tons of generic soldiers - even the generic soldiers fall into many different classes that have varied upgrade paths. There are many factions, and you juggle relations with the individuals of each faction (think feudal relationships - so you're not "High Rated" by Faction X, you are liked by the prince of X, powerful warlord of X, hated by general of X etc etc etc). Towns are attacked and switch sides, you can become lord of towns, seige castles. Trade. I could go on and on but I'm getting increasingly incoherent and rambling ;) But in a way, it's that kind of game (well, not incoherent!). Always a ton to do, all of it defined by you. There are a few more lenghty quests that involve installing new rulers, but other than that it's very free form. If you can get by the early game and some of the warts there's a ton of fun here.