Pro Being able to make your own personal story
Before the game even starts you get to choose every little bit of your character's backstory, are you a noble who was forced out of their home and thus started your journey? Or... are you a street urchin who wanted to see the world?
You get to craft every meticulous detail, including who your father and family were, who you were as a child, etc. It's very interesting and can get you invested in your character.
Pro The best Mounted Combat of any game
This game has, hands down, the best mounted combat of all time, riding across the battlefield on your mighty steed and felling an enemy is one of the best feelings. All weapons work on horseback, barring very heavy crossbows, and they are all fun. There's your traditional jousting with a lance in tournaments, but you can also use a greatsword, a sword and a shield, a bardiche. With mounted combat like this, other games with mounted combat will seem completely obsolete.
Pro Deep RPG mechanics
There are a lot of deep RPG mechanics in this game: you can level up with tons of different skills, improve weapon proficiency, as well as basic stats. There's also buying new weapons and armor, horses, etc. You can also upgrade your companion's skills, their weapons and armor, and their stats as well as weapon proficiencies. Basic infantry can also be upgraded to higher positions, upgrading them with better weapons and armor, as well as increasing their skills. There's also a morale system in place when you need to keep all troops happy, make sure you're well stocked with different varieties of food, etc.
Pro Incredible realism
While you go about your life in the game, you'll see little tabs on the side and be updated about the state of the world, even about stuff you aren't involved in, you'll see who is fighting who, who is at war, who won and lost a battle, who won a tournament. You can be attacked by anyone at any moment while traveling throughout the world, having a small, or big army can determine whether or not the enemy sees you as a threat. It feels like a very believable world.
Pro Tons of stuff to do
This game is a medieval enthusiast's dream, you can build up a huge army and fight for yourself, become king, be a vassal for a king, choose to be a wandering tournament fighter, a wandering knight who takes down bandits, a bandit pillaging villages as they see fit, you can get married, and even get involved more deeply into the politics of the world. You can even join a group of rebels to try and overthrow a king, they will, in turn, then be the king of their respective realm. You can go to taverns, and feasts, as well as set up your own feasts after getting married. You can build your own mills, velvet factories, etc, and be a wandering merchant. The possibilities are endless.
Pro Very interesting companion characters
The companion characters are relatively interesting, from the ever hilarious Rolf to the sad story of Deshavi, they all have their own quirks that make them interesting and a joy to have on your team, they'll interact with other companions, both in good ways and bad ways, and they'll even comment on their homeland when you ride near it. You even have the option of making every single companion a lord should you wish it.
Con No real story
The game does not have any real story, there is some semblance of a story early in the beginning of the game, with you choosing to possibly help out a merchant, but after that, there is no real story, you basically make your own destiny, but there is no set story that the game gives you, and therefore, there is no real narrative.
Con Brutal and unforgiving
You get captured, and that is it, your entire army is gone completely, you will lose all your gold, and a lot of the companions you had, you may even lose some of your inventory or equipment, this is especially bad when you play under the "Realistic" save settings, as the game automatically saves after every event, which means you've lost everything and there is nothing you can do about it.
Con Repetitive quests
Most of the quests you'll be taking will be repeated over and over, like "take out this bandit hide-out", "scout out these villages", or even super boring ones like "Follow me, the marshal, until our campaign has ended". It does get repetitive and boring when these quests are done over and over.