And it's that limitless world that gives RIFTS a distinct lack of character, in my opinion. It's basically an excuse for a GM to throw anything they want into a game and to act as a 'hub' for Palladium's Megaverse. I really don't think RIFTS offers more story possibilities than any other system, and if anything is limited by RIFTS combat-class focus.
The same could be said for any system. I could start up a game of Warhammer FRP and load my PC's down with magical weapons just as easily as I could run a game filled with rat-catcher and herbalist classes. It's really up to the GM.
All this talk about RIFTS made me pull out my old Palladium books, and honestly I was surprised at how miserable they are to look through. The original RIFTS book has 1 page of introduction before jumping right into character generation, no bother to establish a setting or feel for the game. Just goes right into stats without much background. From my experience that's a pretty good generalization on Palladium's books; a focus on stats and OCCs and equipment vs. actual background information.