It feels EXACTLY like real life. Some say even more real. Because, in real life, you are limited by the quality of your sensual organs (ears, eyes, skin etc.). In a dream, it's all in your head so you can read a small sign a hundred metres away (i think). You can also taste and feel emotion. Even pain! So be careful. Oh, and LDing is so real, don't get into a big fight. You'll do absolute shit and get owned and feel a lot of pain and wake up. Train first. Fight defensive robots. Practice techniques in the air. If you plan on fighting lots in LD's (it's fun)... I'll give you some things you HAVE to do.

Learn good hand-to-hand skills by practising in-dream
Same with swords.
Learn some magic.
Become proficient with a projectile weapon.
Time warping. E.g. Pausing, slowing and speeding time.


Then, you stand a chance. Heh. It's soooo worth it though.

OR! You could spawn a "Pill of super ultra fighting goodness" but that would take the fun out of things.

And, welcome to the forums!