Just finished it!
Some thoughts:
Combat is pretty bad in all forms and aspects. I would say it's bearable, was this not the 5th game by Piranha Bytes. I just don't get how they can still have shitty combat after 15(?) years of remaking the same type of game. The game really needs more mobility in combat and more sword fights, god dammit!
Atmosphere is very good. The game has a certain "Monkey Island" vibe. Dialogues can be disjointed and nonsensical at times, but I like the way the protagonist was written and voice acting is good for the most part. There are some genuinely funny moments in the game (the little bugger is adorable, FUCK YES!). There doesn't seem to be many "RPG dialogues" with C&C, apart from modifying amount of gold that changes hands.
Graphics range from weird to stunning. Models are mediocre, faces of characters repeat often (like in first Witcher). The engine has a lot of potential, IMO. The world is continuous (no loading screens like in Skyrim). Streaming is handeled very well, with no stuttering. The price is weird "morphing" effect for geometry and limited viewing distance. I think most of the problems with graphic presentation can be fixed by throwing more power at it. Tweaked settings should make the game shine on powerful hardware. On my very old gaming system it ran fine, no major problems (Athlon II X3 and HD 3870).
There is not much exploration. The world is a hybrid between "go anywhere" and "curvy path" type. It's certainly a step back from other PB games.
No strategic layer. No ship (to ship) combat, even as a "boss encounter"?! No swinging from ropes?! No hooks?!
Character system is solid. There are some useless perks and some attributes lose the appeal of investing in them at higher levels (toughness, cunning). Items giving attribute increases that count for obtaining the perks, leaves too many Glory in circulation, making character builds only relevant in the first half of the game.
Item system is okayish, but could be much better. Crafting should be more nuanced, items should have more unique properties, there should be more expensive items...
Economy is handled well, with money in short supply (especially early). In the last third of the game, money becomes plentiful and you can afford anything.
Final verdict:
It's an enjoyable game, comes well together and is certainly more than sum of its parts. It is, however, not a great RPG by any means, with lots of wasted potential and missed opportunities. It would be a great first effort by a new developer, but as a 5th game, it's disappointing by comparison to its predecessors and a worrying sign of thing to come. Design wise, things seem to be moving in the wrong direction. Maybe Risen series is to be more "action adventure" type of RPG and Gothic series will continue to be "open world" RPG? One can only hope.
I'd compare it to Witcher 2, only worse in just about every element (not by much, though). Once again a game that's good for what it is. I can't even remember last time I played a game that was just good (without "for what it is" part)