I have the same feeling. And I can say that the inspirations for this game are a lot (elder scrolls, lineage, etc.).

The overall game feels like solo MMORPG. However, I must say that while skills and combat mechanics is awesome and balanced, it doesn't make you overpowered demi-god like in Morrowind/Oblivion/Skyrim. Most RPG players like to progress to insane levels of power and challanging more powerful enemies. Take classic rpg - Neverwinter Nights, in Hordes of Underdark expansion you protect the city from an army of dark evles, liberating a village from cult of dragon demilich and fighting an Archidevil in the end. That feels truly epic. And consider spells, in NWN you can morph into a Dragon as high levle druid, as a mage you can shower your enemies with meteors, summon daemons and elementals and kill them with death finger. Or in Morrowind, you can fly, jump all over the island, make custom spells and defeat Dagoth Ur, the evil "god" of the red mountain.
This game is clrearly lacking epicness.

Epic is what you make it.... The lack of godlike power is what will allow for everybody to take part in things. A person with 10 hours of play and a love of the search/explore/collect concept will be able to put up a fight against the strongest.