Risen is an RPG in an open world, though not a really big one. It's more "hardcore" than other recent RPGs because it doesn't hold your hand as much, after the first 15-30 minutes a character tells you about the different factions that are on the island and then it's up to you to decide what you want to do. There are dialogues with multiple answers possible, tons of quests and consequences for your choices. It's made to have somewhat realistic feel to it, from the way NPCs go about their daily lives to how fragile your character is.
The combat system rewards quick thinking and good reflexes, since the only thing that is determined by stats is the amount of damage you do and the different moves you can make, if you want to block an attack you to press the right mouse button at the right moment. You have to time counterparries to destabilize your opponent or circle around him if you want to go through his own defense. If you end up fighting multiple enemies make sure they don't surround you and if they do get out of there fast cause you're wide open to attacks and a couple of hits will take you down. So, yeah, as I said, combat rewards quick thinking and good reflexes.
There is not a whole lot of loot to collect, you'll only change armor about once per chapter and there's something like 5 chapters in the game (I haven't finished it yet). So loot and gear is not what drives this game. What will suck you in is the atmosphere, after some time you really start caring about the island you're on and the people on it that'll you just want to keep playing and do stuff for people. Also, the island is so full of hidden stuff that you're almost guaranteed to find something of use or interesting, be it cool herbs for alchemy or a wonderful view, everytime you decide to just go out and explore.
There is even more than just this that makes the game great, but I don't feel like writing about every little detail that enhances the experience. If you're not afraid of a combat system that's difficult to master and you like getting lost in an immersive world, give the game a try. You might find progress slow compared to other games, but I think it is worth every minute spent on it.