Lots of people bought it early release on steam, I think the influx of cash will be good for them to finish developing. I've never participated in an EA before, but it seems like they're really on top of releasing patches etc. (they patched everyday for the first...8 days or something) and they seem to listen to at least some of the main complaints.
Many issues need to be worked out, I think they're still going to change some combat mechanics too. Lots of optimization issues need to be fixed, mem leaks etc. I am going to hold off playing it, I think all the updates and grinding through all the bugs would burn me out. I just hope they don't settle for "good enough" on some of the mechanics and just copy warband for the crappy stuff, like poorly designed bandit hideout clearing and not enough quests.
If you mostly played warband SP and you're looking forward mostly to SP and mods, I think this will be a great game upon full release, whenever that is. While the graphics look like they'd be good in like 2010, I think that's pretty damn good when you remember that there's potentially THOUSANDS of AI scripts running. I can only imagine how awesome the mods for this game are going to be.
Here's just a cheer mod
If you played warband MP just sieges and stuff just for fun, this looks pretty good too, I haven't jumped in MP yet but looks pretty damn fun.
If you played warband MP and you were like serious about dueling and being one of the top players you'll probably dislike a lot of the changes they put in, block delays and smaller hitboxes etc. They might tweak this stuff...at the moment it's almost impossible to time chamberblocks now. However, the combat mechanics now are much more complex, not just block but also passive block and active block (parry,) different stances, weapon handling stat, balanced and unbalanced swings, and chaining attacks.