As Fluke said, it has a long way to go. Not sure when they plan to release it, but I would say it's at least a year from been ready. It's only a small 3 man development team working on it.
My opinion changed on it completely over the weekend. I went from not liking it to actually enjoying it immensely. It's not a hand holding MMO. You are dropped into the world, the quest givers have exclamations marks over their heads, but, that's about the only signals you get. For example, if you have a quest to find ingredients for a potion. Normal fare in an MMO and usually there would location given on your map, arrows to point the way and the quest items would be highlighted. Not here, for a start, you don't have a clue what the plants look like and you have no idea where they are.
And, like VR does to so many other games, it's so good to have a presence in the game!!
There are however lots of things to fix.
The World is empty, everything feels so open and everywhere looks the same. The players, NPC's look the same as well.
Graphics need to be a whole lot better. Actually so does the sound effects.
When you are in a fight, you don't know you are been hit, a monster could spawn behind you start attacking you and you would never realise it until too late. Our group got wiped out like that at one stage.
Inventory system needs a lot of work.
Archery has to be improved. You have to reach over your shoulder and get an arrow each time. In the heat of battle it can be annoying, so times you don't reach far enough. Sometimes the arrow doesn't line up with the bow correctly. Sometimes the action brings up the menu.
Sword and Shield - Why would anyone want to use this in the game? Every other class can do more damage, all you end up doing is trying to chase after monsters as they run after the archers/musketeers/spell casters. Not mention how buggy the hit reg with the sword is.
I know it sounds terrible when I list out the faults, but, it plays a lot better than my list would suggest. There are lots of nice features, the compass is awesome. The way of selecting different ammo and effects for your weapon is well done. The group system works well. And there is real satisfaction killing mobs, much more so than any normal MMO.
I hope they have another open weekend soon.