This is the first traditional party-based RPG that I'd call truly good in a looooong while. Best one since the first Dragon Age, in my opinion. In fact, before PoE came out, I was starting to despair for the genre... Divinity:OS was boring as hell, Wasteland 2 was a mechanical mess and ugly as sin, Inquisition was adequate, but the good parts were drowned in too much busywork and tedium. However, I'm in love with PoE.
The game is beautiful and has a good atmosphere. It comes together quite well stylistically and it really imparts the feel of old-school adventuring and dungeon crawling. Yes, it's a throwback to the old days, but in a good way. The writing is solid, the setting rich and interesting. It uses basic high fantasy as a starting point, and then mixes in its own twists and additions, resulting in a world that's both familiar and intriguing. The mechanics have a decent amount of depth in them, the classes are varied, some more traditional, some with nontraditional mechanics to play around with. Hell, you can custom build your whole party if you really want to powergame.
It's not a perfect game, that's true. The initial world building is a bit clumsy. Nothing too bad, but it takes a while for the game to explain the basic concepts of the world to you and I feel that could have been done more efficiently. The overall balance could use another look. Again, nothing too atrocious, but some stats are noticeably more useful than others, and some classes could use a bit of a boost (compare a Wizard to a Cipher, for instance).
Also, the micromanaging can be a bit tedious at times. It really wouldn't hurt to be able to automate a few things. In fact, a Dragon Age-style tactics menu would be lovely. But the combat is fun, so it's usually not an issue.
As for bugs (I mean, it's an Obsidian game after all), I've had zero gamebreaking bugs in my 10-15 hours of playtime thus far and only one small graphical glitch (all inventory items were grayed out) that was fixed by restarting the game. Maybe I was lucky, but in general I haven't heard any major complaints regarding bugs.
Overall, this is a great game. Sure, some rough edges could use a bit of polish, but the same could be said for any similar game, and PoE's edges are arguably smoother than its competition. It's a beautiful experience and I'm loving every minute of it.