Quests are to be implemented soon (so far only the small tasks to do for some money and/or fame within your faction, but there will be quests), but no, there are no dungeons (unless you call the primal roots a very big dungeon, at least it's underground area if you like it).
Bad Graphics? Ryzom? LOL Well, I'm playing with a radeon ati 9600xt 128Mb (nothing too expensive, you can buy one for quite few money) and it looks stunningly beauty, and I don't see any clash at all there... really. What are they using? geforce2 64mb? if they play with the minimum system specs then for sure they won't see the game as others with recommended system specs or better see it
. Like every other game ever made
.
And again, the ingame story is there, the saga just started, now we'r starting to populate the cities and the first guilds and heros are starting to arise, don't expect to have a political or religion war at the very begining of a saga, like in most other games/books/films (if you read some other thread about good/bad things in ryzom I wrote there some similitude with LOTR there... they start with a party at hobitton, and not with a nazgûl hunt at minas morgûl, for example... and the actual quest didn't start untill long days after the party when gandalf finished his research of the writtings in the ring... again the same example, need to think of another for next time that someone complains about the lack of story within less than 1 month of game, hope to have time to think about it before anyone does
).