Well, I'm personally in a good relations with Jog (leader of GV team) and I don't think that we should care about how good GV is going. Our games are VERY different. There is not a single similar thing in our games.
Even realistic medieval in their game have some kind of skeletons, goblins and wraiths, while we don't have that fantazy stuff.
PvP systems are also different. I've heard nothing about their alignment system, and their battle system is not 100% no target in term of melee. When I was playing it I was unable to hit a small fox, because it was below me and you can not aim your swings up or down - only in front of you. No formations, no combos system, no body parts hits, fractures and bleeding that I know of.
They're a bit ahead in development, but well, we have a way way MORE functionality that is needed to be tested and debugged also. Also not sure, but I believe they had started development a bit more early then we did.
Anyway, I suggest not to start some holy crusades against our fellow indie developer and just wish them luck. MMORPG.com hype will change, once we will have a more stable alpha and all its features properly exposed and explained