EA UK just released this info :)

The Middle Ages were a time of adventure and intrigue so of course The Sims Medieval includes a variety of heroic quests for your Sims to undertake. From initiating an Inquisition to arranging a politically advantageous marriage, the quests that your Sims engage in shape and color the experience of all of the Sims in your realm.

Quests – The Basics

The information that you need to monitor and direct your Sims on their quests is easily accessible from the Quest Panel. There you can see who is assigned to your current quest, what they need to do (broken down in to tasks that they need to complete), and how well they’re doing. Sometimes your Sims have options in how they accomplish certain tasks on their quest. The direction you choose will of course impact what impact the quest has on your kingdom, so choose wisely!

Quest Selection

You start quests in Kingdom Mode by choosing one from the Quest book. Quests can play out in a wide variety of ways, depending on the “approach” you take at the start, and on the choices you make as your Sims progress. Your approach also pre-determines which heroes you need to complete the quest. You will then choose your quest leader and the primary hero for the selected quest.

As you make choices, the right-most section of the quest book records each selection, so by the end, it shows a summary of all the quest decisions you’ve made. If you forget some of the finer details of your current quest, you can check out the quest book to remind yourself. You can also quit the current quest from the quest book, but beware, you will not regain the Quest Points you spent.

Quest Performance

How well are your Sims doing on the quest? There a couple of indicators that let you know. The first is the goblet and small meter next to it in the UI panel. This goblet and meter reflect your current medal ranking (bronze, silver, or gold). You can also review your quest performance meter by hovering over the Quest Performance goblet. The higher your performance and medal ranking when you complete the quest, the better your rewards! When a quest ends, your current Performance Level dictates both the medal and the rewards you receive.

Your performance doesn’t just entitle you to better rewards. If your Quest Performance drops below the bronze medal ranking, you will be thrown in the stocks! So remember, neglecting quest tasks for extended periods of time lowers your performance until a quest task is completed.

Go Forth Gallantly!

That’s it! Those are the basics of quests in The Sims Medieval. So gird your loins, summon your courage, and send your Sims out in your name to make their mark on history!

And more screenshot time :D http://www.thesimsresource.com/staff/sww/galleries/details/id/1552/