Just downloaded this the other night, wasn't too sure about the targeting system, but after I thought about it, its pretty accurate. I'm sure giant mechs would all have some locking/targeting system. Gameplay is 3rd person, but looks very good, and FAST! Man the gameplay is really fast.
One of my favorite parts is how customizable the mechs are. You can upgrade just about everything, and with the "credit" system you gain pretty decent to buy shit. Basically anytime you play a match, you get credit, depending on the type of match, and how well you do, you get more/less. You use said credits to buy more weapons, repair armor/weapons, etc.
Exteel: Free Online Multiplayer Game from NCsoft
^ Giant beam cannon is a weapon of choice for me.
I like the mech designs... Evangelion meets Zone of the Enders meets Virtual ON.
Will have to try this when I get near a PC that can run it.