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This is, by far, the best Warband multiplayer mod out there.
There's no need for me to list all the great features and additons. Simply, this is incredibly fun to play. The mod shifts the dynamics of multiplayer combat, without trying to do something inappropriate for the Mount&Blade engine.
The player base is very solid and the main server seems to get around 50-60 players most nights. The development team are very active and responsive to community input, which has helped the process of balancing the classes and factions hugely. On top of this, there is a campaign planned and there have already been some enjoyable events.
The new "raid" game mode is a welcome addition and the quality of the maps is very high, making for interesting and varied gameplay.
Vikingr mod is a must-try.