There are new concepts such as the Valheru (the Dragon Lords) , the Tsurani , the Rift , the Empire of Great Kesh and new types of magic. What emerges is a great and engaging epic that matches up every bit to Lord of the Rings.
Feist's advanced understandings on magic, warcraft, the nature of world and it's peoples, and its internal politics is astounding. It is jam packed with energy and is somewhat faster moving than Tolkien.
I also like Feist's gentler concept of dragons, far more than Tolkien's (the pet firedrake Fantus is just great) I love reading about all the Princes, Dukes, Earls, Squires, Knight-Marshals etc in the Kingdom, as I similarly enjoy the stranger politics of Tsuranuanni (which is based of Japan/Korea as the Kingdom is on Europe/North America)
With it's system of honor and Great Families, the Emperor, the Warlord, the Great Ones, and the different shifting alliances and parties such as the Blue Wheel Party , the War Party , the Party for Progress etc.
I also think the characters are nicely developed. I finished the book wanting more of Thomas, Pug, Carline (one of my favourites), Arutha, Anita, Amos Trask, Gardan etc, which are available in the subsequent Midkemia/Kelewan books. Feist explores (albeit in a tasteful way) love and sensuality more than does Tolkien.
And Feist's worlds of Midkemia and Kelewan are also well developed, you'll really find yourself lost in these intricate lands.
.Certainly Magician and it's sequels are immense in scope in creating a vast world of magic,war,adventure,love,hate and political intrigue