I really loved it, and didn't expect to.
Both setting and story are kind of basic, but it makes sense and doesn't force too much on the player;
I fell in love with how instead of crafting menus you actually have to do stuff with your own hands(well, mouse, actually)- whether it's alchemy, forgery, enchanting or simply cooking;
Magic in this game honestly suprised me. Having to actually draw symbols for spells in a middle of battle takes skill, but it feels like actual wizardry, and not simply using skill buttons( although you can pre-cast up to 3 spells);
Sound design is way ahead of this game's time. Even though there is almost no soundtrack, Arx Fatalis delivers atmosphere through sound amazingly.
But I have to say, the biggest problem with the game is general navigation and understanding what to do. I had to use guides multiple times because logs don't give much information, and map layouts ARE FUCKING AWFUL, might be the worst level design I've ever seen in videogames and nearly made me quit.
Despite that huge minus, I really enjoyed it. It is somewhat refreshing to play even 20+ years after release.