They seem to be happy that the game is going well, but keep saying that there is "still work to be done" - Considering they're going to want to get a good few beta weekend in, just to see what happens when thousands of people descend on the world.
Realistically? Considering there has been talk of balance issues (great swords, dungeon boss, impossible enemies) that they are working on - and the lack of silvari and asura content seem so far, I get the feeling they're still polishing things.
I would say that the content is finished, it's just how many issues people come across, the press say it feels solid but you hear pieces of info that make you think it's say 85-90% there rather than basically done.