You're correct on all accounts regarding the diamonds, the orb of peace, and night protection. There's also newbie protection when you first begin, and several servers to play on which are localized to certain regions (North America, Europe). Still, I like to play a game I can pick-up and put down. I doubt I'd play UO, for example, if you had to log-in just to pay for your house (ships are annoying enough as it is).
The game begins with you taking over one grid of land on a gigantic map. That one grid allows you to develop an economy and strengthen the bones of a castle. Or in other words, you have the map grid, then the castle grid, you put buildings on the castle grid using some strategy (quarry building goes next to stone grids for better production, mill goes next to woods, etc.). You get gold and other resources and build up your army, siege weapons, eventually a navy, and merchants. Then you can send your army to raid dungeons, go to fight a monster, attack other player own cities, claim abandoned cities (due to players being inactive for a period of time), attack sea monsters/dungeons, etc, using the map grid. You can also send and receive resources w/ a market, make or join a guild, and create a grid-based city. The end-goal is to own the map, for the most part, which takes forever, but they also had other goals, like owning certain regions of the map grid.
Might sound interesting, but everything is automated regarding combat. You send your army out and then the RNG tells you what happened a few hours, or even half a day, later. It's like a watered down.