I really like it. The combat is such a huge improvement over almost all other RPG combat that it makes the game extremely enjoyable. It's basically a squad-based combat (TPS format) hybridization with RPG skill-based combat. It's real time (though time does stop when you bring up menus - to use skills and such), emphasizes use of cover a lot (you don't want to stand and get shot), and has a lot of cool abilities. It's well-balanced, too (at least as far as what I've seen) so you can use whatever class you want for your character without worrying about sucking.
The atmosphere is great. Something about the talking seems very cool. It's like a cut-scene that allows input for all your dialogue choices. It's not seamless, but it's about as good as you'll get without having everything scripted for you. The galaxy is cool, and the starting area (Citadel) is also very neat looking (as are characters). My favorite races are the jellyfish things (name forgotten) and the elcor (large, lumbering things who always state their inflection when talking). So far, some of the worlds after Citadel seem a bit bland (driving a vehicle around desert and mountains to get to three or four objectives), but I've only been to about five total, and I'm avoiding doing the main quest stuff - I still wish there was more interaction, though.
You can definitely see the evolution from KOTOR (the galaxy travelling and such), but I'd say it's pretty significantly different, in more than just the atmosphere - and in good ways. It's also nice to be out of the Star Wars universe, because I'm tired of it. This particular setting is a much sleeker sort of sci-fi.