A world-filling story about the eternal struggle of good versus evil. The main characters all have a clear personality, with their own thoughts and visions about their world, and they each develop separately. A beautiful display of storytelling quality.
I found the books to tell a story well-blanced between characters and general storyline, where the views and notions of each character give the reader a good overview of the direction of the series as a whole.
On the downside: although characters and storyline do develop, they do not really progress. For instance, after six books, Nynaeve still jerks her braid to stop herself from pouting, and Rand finds himself in the same predicament, only on a larger scale. It is stretched out too far. Further, the world in which the book plays seems almost too conveniently limited by the Spine and the Blight. That could also have been done a bit more elaborate.
It also surprised me that since the breaking of the world, 3000 years ago, basic culture has not developed. What was lost in the breaking is only now starting to be rediscovered, and slowly at that.
As to the comparison with The Lord of the Rings, It definitively has similarities, as, I think, any fantasy work of this magnitude will have. However, Jordan has a very distinct style that nowhere gives me the feeling that I'm reading a Tolkien book. The Wheel of Time deserves a place of its own.
All considering, it is definitively one of the best series I've read. It was every bit worth my time. When I started, I read almost full-time for two weeks, finishing the first three books, ca. 2000 pages. I just couldn't stop!