TLDR:
Easily one of the best open-world survival games I've ever played. Imagine combining Valheim with Zelda and you get this. It has tons of content and is fairly well-polished for being in early access. It's easily worth the price, especially when you consider that major publishers often release broken, buggy trash for at least twice the asking price that are falsely advertised to be finished.

Pros:
I've played this for about 46 hours so far and plan on playing it much more. I'm not quite the current level cap, but I've completed almost all of the main quests. The current map is expected to triple in size with plenty of more content and polish, so we have that to look forward to. I've played in both single-player and co-op, both are fun, but I prefer playing this single-player as it feels more like a Zelda adventure game that way and you can follow the story better. If you enjoy base-building and having plenty of things to customize your character and base with then this will give you plenty without asking for more money through DLC.

I played as sort of a well-balanced battlemage and I plan to build a nice necromancer tower out of the skulls of those whom I've slain, except this will require many more bones than I already have and whatever material you use to build your base requires you to use a lot of it. The base-building is done very well here, instead of building individual parts, like foundation, walls, ceilings, stairs, etc, you build the blocks out of material at a crafting bench and each part requires a certain number of blocks, which are fully refundable once you demolish it.

I do like that many of the quests have you rescue NPCs who are your workers at your base, like the blacksmith, alchemist, farmer, etc who also have you retrieve equipment that you'll use to craft better things. This makes sense and makes the game a bit more immersive for me, as you play as an adventurer who doesn't specialize in these sorts of things. Maybe after you've taken an arrow to the knee you can retire and become an alchemist or something, but there are other games where you can do that stuff. The combat is tight and responsive, challenging, but fair.

Cons:
Probably the biggest drawback to this game are the occasional minor glitches, like getting stuck on a ladder or not being able to go through a certain doorway, or seeing something floating in the air. There's nothing game-breaking, it has never crashed on me, in the case of broken ladders and doors there's always a way around it and they're never anywhere important anyway. Another annoyance is the fact that weapons wear down and break pretty quickly, so you'll want to bring a wide variety of them on your adventures. The game does make up for this by making them quickly and easily repairable at no cost at the crafting bench and having an alt hot-bar, allowing you to carry and quickly access more items, weapons, tools, etc.

The game will kill you many times over and from various different ways, tough enemies, being stuck in the shroud, falling in lava, or just falling to your death, but it never felt absurdly difficult on the level of a Souls game. I've had some bad frame drops before, but that's because I often make my computer multitask like an Octopus on crack and when I don't it runs much better.

I've read one person complain that the archer class is too weak and you go through tons of arrows that take forever to craft in order to play that. I'd say that's what happens when you focus solely on being a filthy peasant archer, instead of diversifying your skills or being an honorable warrior or wise nerd mage. At least real archers would bring a dirk, dagger, or short sword for when the enemy gets close or when they run out of arrows. If you're going to play single-player the best thing to do is to not specialize in one area too much and play a more well-rounded role, whereas co-op will allow you to better specialize your characters.