What is the current state of the Early Access version?

“Most planned core features of the game have been implemented. Single-player and multiplayer modes are fully functional and we have a separate dedicated server tool if you want a server running 24/7. There are currently six fully developed biomes out of a planned total of eight (plus the Ocean). There are hundreds of different items (weapons, materials, armor etc) in the game, to be found or crafted by the player. We have over 200 building pieces, and about 50 different types of creatures including monsters, animals and bosses.”

It sounds like the game's getting Ashlands plus one more biome, but not much for new features. So depending on your definition of feature complete it's at least pretty close anyways. From this point on it's theoretically more of the same.

I'm pretty much on the same page as you, although I started playing a couple months ago with a couple friends. The game is obviously not abandoned, and it's a pretty full game even with more to come. We finally built a hot tub on the weekend and I don't know how I'm supposed to expect more from this game than chilling in a tub with your naked viking bros.