Well from the video this game looked pretty action oriented, I could have sworn I saw people dodging and timing their strikes; so ya is this as I described or is it a sit and wait battle system?

It's a bit of both.     Combat is engaging and real time; ie: moves, spells, etc.   Obviously if you are just meleeing, without using special moves, your hits are timed based upon weapon speed.

Not sure what you mean by Diablo 2.

This is a great game.   Play it free at open beta end of month and see for yourself.

-Terrapin

More like Lineage2.

sounds fun cant wait till OB