I have finally got around to playing this, and have become hopelessly addicted. I spent 6 straight hours playing this, and the only reason I stopped is because my wife asked me to cook up some hamburgers lol. I normally don't like games with fixed/limited encounters, but it works very well here. It can be a lot of fun noting difficult encounters on your map, exploring elsewhere and leveling up, then revisiting your notes and seeing enemies dropping in difficulty level. Leveling up is always a lot of fun, and characters do really feel significantly more powerful each time they gain a level. It was very satisfying a few hours into the game to finally come back to the first town and kill those shady guards!
After a couple of false starts, I finally settled on:
Gaulen - Barbarian - Barbarian - Thief
--------- - Cleric - Mage - --------
for my party. I made it what I guess is "chapter 2" without much trouble on the intended difficulty level, so my party and builds seem okay so far.
Exploration is okay, but not amazing so far. There's a lot to find, but the nature of the game (fixed/limited encounters) means you have to follow a pretty linear path overall.