I'm gonna beat Dusty to the punch, yeah... I PvPed today. *Prepares for Stratics mental meltdown at the news* Did decently well too... I think I was at 10 kills and 5 deaths before server 1 went down and didn't really recover (playerwise that is, it changed over to Default rules soon after itr was brought back up). Played for the first couple of hours,so not sure who was on when through the whole thing, but we did have a good group in the afternoon.
I think for me, the current ruleset in regards to what you're risking (you keep equipped items and drop stuff in your backpack) works well and doesn't make me shy away from PvP as much as I did during the early days of UO. There's also the difference between a structured purposeful PvP and the inescapable ganking that marked early UO.
Common issues I heard about while playing and in Mumble was 1. No healing for Warriors and 2. Targeting problems.
On the No Healing bit, there are potions and bandages but their effects are iffy at best right now. Also it'd be nice to have the ability to replace spell hotbar slots with items.
On targeting, there was discussion on putting in a hotkey to cycle through potential targets as well as other possibilities.
Overall, fun times and it will be even more fun once more of the game systems are fleshed out to provide better progression.