MR does have some clunky bits, but the complication is, to an extent, necessary.
The game is designed to be what amounts to a GM-less RPG. It allows you to choose one of 16 very unique characters and determine your own goals (money, fame, notoriety, etc.). Some characters function best as lone wolves or antagonists toward other players. Others work best in party or partner situations. There is tremendous scope for inter-player negotiation and backstabbing.
The game presents a small, but complete world, with factions that are allied or at war with one another. Characters also have relations with these groups. You can become embroiled in inter-group conflicts, ranging from raids or quests to outright warfare. Relationships also affect your bargaining power when buying and selling items.
You can also take on jobs from various nobles or individuals. Treasure hoards, of course, are there for looting. There is so much included in the game that you cannot explore it all in a single playthrough, allowing for a unique experience every time you do play.
Combat is weird (and very deterministic if you don't use the optional rules), but very fast and reflective of fights in fantasy literature. An elegant system of action chits allow you to track wounds, fatigue, etc. Weapons and armor all feel different.
Magic is very colorful and powerful. I get more atmosphere from this game than from many FRPGs.
I dunno, that's just a stream-of-consciousness rundown of part of what makes the game so magical to me. The learning curve is admittedly horrendous, but when you learn the game, there is absolutely nothing else like it anywhere. I can't stand most fantasy board games because they're so limited and simplistic in comparison to Magic Realm (IMO, of course).