Swankygames have posted up a review of Arcanum, heres a bit:
Character creation in Arcanum has the depth you'd expect from a good RPG. You can choose your gender as well as one of many races. You can also choose from a number of background traits, which gives your character that extra special touch. These are both humourous and functional, so I recommend you read them all, if not for the giggle factor alone. One thing you won't find in Arcanum is a character class system. In it's place is wide range of skills, which lets you pick and choose, thereby allowing you to create your own unique character without the limitations of a certain class. Keep in mind that there is also the option of choosing a pre-made character, but what's the fun in that? Level progression is accomplished by earning experience points. When gaining a level, you are given a point which you can use to increase either your stats, or your skills. Keep in mind that the level limit is 50, so use those points wisely. This is not a game where you can master every skill, so do a little planning ahead of time.