Granado Espada, or as you Westerners seem to have called it, Sword of the New World, was an awesome game. Some of my friends didn't like it, but I personally enjoyed it. It's one of those games, however, where you had nothing to do except do quests and kill monsters, but still I found it rather fun. I guess that's because I was partially not thinking of it as a role-playing game, but more like a strategy game. I like setting up an area with my formations and watching enemies die. I thought that was enjoyable. And the character designs were beautiful, though the customization options were limited (especially since you had to buy the costumes, hairstyles, etc, with real money).
All in all, from a MMO standpoint, I thought it was a good game. I play(ed) in Granado Espada Japan, but it's kinda lonely since none of my friends play there. And everybody's high level so you really will feel lonely at low levels. Barely anybody in any dungeons, which was a good thing, except that it meant there was nobody to buy low level equipment from or sell them to.
But from an RPG standpoint, it's not that good. As my friend put it, it's hard to get in character when you have three (or more) characters.
Perfect World I didn't like at all. Another one of those games where there's nothing to do but fight, and it didn't do that too well either. I mean, it's not bad, but it's not special. At least Granado Espada had a fun Multi-Character Combat system. Having a crafting system is standard in all MMOs, so I won't comment on that. The only thing that PW had going was the elaborate character creation system, which really allowed you, with some skill and patience, to make your character look exactly the way you want.
Otherwise, it's just another kill-many-monsters-to-become-the-most-powerful-PVPer game. Not much incentive there. I don't want to sit in front of the PC for 16 hours killing the same one or two monsters over and over just to get 5% exp.