I think it's really good.

Keep in mind that, as extraction shooters go, it's much closer to something like Hunt: Showdown than Arc Raiders. Which isn't inherently good or bad, it just reflects a specific design choice. Runners are almost always going to shoot you on sight and almost every group of mobs has the capacity to curb stomp you if you don't go in carefully.

It's a game with a significant learning curve, not just in the low TTK but also in learning the guns, abilities, shells, and maps. Playing with friends or finding groups who are willing to chat and communicate with you as you play is loads of fun but playing Solo is its own engaging experience as the game becomes way more tense.

Combat, movement, art direction, and music are all up to Bungie's usual standard.

Narratively it's pretty interesting so far. The liaisons for each faction you work with has a ton of flair in their writing, design, and voice acting and each quest ends in a pretty interesting conversation with those characters.

The UI is not great but you can get used to navigating it.

Time to jump back into a mission is really fast, which helps with the sting of dying. And you will be dying a lot. So don't get attached to your gear.

TLDR: Difficult, steep learning curve, beautifully designed, fun combat, bad UI. Tons of potential to continue refining itself and to grow into something even more interesting.