You pretty much have it right there. Most of it is about running around killing stuff, upping skills, collecting new armour sets, trying for the full special sets which usually only random pop from chests. Lots of fun if that is your thing.

I played Baldurs Gate. Within the first couple of levels I picked up Ball Lightning and the rest of the game was a walk through :)
Unlike Diablo 1 / 2 where it took quite a while to get to the point of being able to walk around and trounce anything.