It's very good for an MMO. Remember the budget for perfunctory things like CG reels is far lower than an offline game that is likley to sell hundreds of thousands of copies at launch.
I mean, MMO's are generally nebulous in terms of narrative. XIV's opening does a good job of showing the adventurer spirit, co-operation, the theme of levequests.
The difference is, XIV (and XI before it) have in engine cutscenes throughout the game progression, that ably convey story.
____________________________Reiginsei, San'doria Rank 8 Hume Male. 75RDM
/69BLM59PLD [5/5 Duellist 01/17/08][4/5 Koga][0/5 Valor][CoP+RotZ]