MW doesn't use hit charts, but does use the Major Wounds rules. It has Special, Crit and Fumbles like in BRP core. There's a lot of back and forth, and jockeying for position in MW combat, as in most BRP-based games.
There is a small-ish campaign setting in MW. It's called the Southern Reaches, and is about 200 miles across. It's two baronies, split by a river, who are constantly sniping and pestering each other. They're not at all-out war, but there's tension. Then, add to that the difficulties posed to the area by the strange fey original inhabitants, and there's plenty to keep you busy for a while.
The Reaches were purposefully designed not to be a whole world, but a smaller, more intimate setting. Think something along the lines of the classic Robin Hood stories, where all the action took place in and around Sherwood/Nottingham.
There's a bunch of stuff in the works for MW. Elsewhere it's been noted that there are four supplements written, and making their way into layout: Advanced Sorcery, the Chronicler's Companion, Chronicler's Screen, and the MW Bestiary. There's a fifth book in the works, but that's not been formally announced yet. I will hint that it will include some scenarios, and be tied in to the Southern Reaches.
Please note I do not actually work for Chaosium; I just do the occasional freelance editing work for them.