On the plus side, the graphics are excellent, particularly during some of the seasonal events, and the physics is deep and fascinating. You can have as many costume slots as your currency will buy, and the game even lets you buy outside your usual race and gender (although, again, NPCs will treat you badly if you do that). Player death is permanent, but fortunately gameplay makes death unlikely unless you actually want to die. Oh, a tiny cumulative chance over time, but that's only to be expected. BTW, don't die on purpose, the MMO community frowns on ragequit.
It's almost as if there were two different teams working on this game. The engine and parts of the world are great, but chargen and NPCs were clearly put together by some royal jerkholes.
Overall, though, unless you're one of the lucky one percent or so in chargen, it's just a grind for rewards that often seem invisibly small. Some players claim that there's minigames that make it worthwhile, but when the only fun to be had in a game is the game within the game...why not just have the option to play the minigame without putting up with the slogging and grinding of the main game?
I give "Real Life" a 3/10. It's just too broken to recommend, unless you have no other choice.
ETA: Oh, and most players claim there's a sequel game called "Afterlife" that's in closed beta, if you make the right play choices in "Real Life" you can get an invite. So...if I grind away and don't make any mistakes (not that anyone knows for sure what the right choices are) I might get into another game that's supposed to be a lot more fun? Yeesh.