Has anyone played it, my roommate has been telling me about it. I am wondering if anyone has played and could pass on a hint or two?

I have but its been years. It was a lot of fun

Same, many many years ago.
Character generation can take awhile (unlike the 2 mins you spend rolling a char on AD&D), but the good thing about rifts is the versatility, you can move your char through many areas/game styles, and the nifty paladium system handles it pretty well.