I'll admit that the game has no solid point, but that's why the player has to give it one! It's basically a toy box, and the player finds his own way to amuse himself.
I bought the game along with my brother and two friends, and we all live in the same town. It's a lot of fun; we give our characters personas, and they play them out. We've got a pirate, who pillages other towns and raises the Jolly Roger on the local island, "the hooligan," an alter-ego that runs around town knifing people (or at least threatening to do so,) ... and the fact that the townspeople save the letters that are sent to them, and show them to other players... you could just be running around talking to people when suddenly you find an hilarious letter... It's much more fun than I can possibly make it out to be in explanation.
Also, more interestingly, when the game first came out, apparently the people at Blizzard (game company responsible for Warcraft, Starcraft and Diablo,) were really into it. The had it set up with two towns where people would sign up for a time to play, and they played competitively. They'd go to the rival town and do things like chop down trees until their axe broke, leaving the stumps, dig up flowers, and buy all the items from the store, which wouldn't restock until the next day. And then they'd also hoard tools (especially axes,) trying to prevent anybody else from becoming too powerful. A crazy experience, to say the least.
I dunno... Yeah, the game's not for everybody, and I can see how you could easily dislike it, but it's still an interesting game. A lot of time went into making all of the details, and it's quite innovative.
Go Moon!