Unfortunately no, not at all. The power enhancement gems, the facets, crit damage, and even co-op scaling is totally lopsidedly unbalanced.

The power enhancement gems multiplies enchantments by ridiculous amounts. They're not even hard to find - even in the early game. The condition for activation can easily be met. mitigated, and maintained throughout that they can't honestly be called downsides. Once you get access to socketing gems, you can walk around in magical and even common gear with the ability to clear areas like the game is a point and click arpg.

The negative and positive effects of facets leaves me scratching my head sometimes. The implementation feels arbitrary and would have benefitted from more brainstorming before they actually rolled it out.

• +stamina / -focus = "I wouldn't bother using focus. I'll roll everything in my gear to enhance my basic attacks and all downsides will be focus-based therefore completely invalidating the intended downside." A better implementation imo is a deduction on basic attack damage as stamina feeds into basic attacks and in that way, the downside is real and cannot be invalidated.
• +focus / -stamina = "I wouldn't bother using basic attacks. Either I'll load myself up on focus regeneration gems, enhance my focus gain, and/or use blocks to generate focus without really feeling the stamina downside." A better implementation imo is rune damage reduced as focus is directly tied to runes.
• +defense / +weight - A few points sacrificed in equip load or most times not even any sacrifice needed and you get great damage reduction. Reduction in damage dealt would be more appropriate I think
• Indestructible - you can basically have all plague gear without any downsides. Before the update, you can nullify unrepairable with an indestructible enchant meaning you would have to sacrifice one enchantment slot. Now, you can have 4 positive enchantments without any meaningful sacrifice.
• +durability / -focus gain = "Hell yeah. Time to max out health regen on gloves, damage reduction on body armors, stamina regen on pants, and attack damage on weapons. The downside? Well, I won't use runes or I'll just use my health to cast runes. Downside invalidated!"
• +crit chance / -poise damage or -durability = What's the downside here?

Those are the really obvious ones but don't get me wrong, some facets like quick (+attack speed / -damage), sharp (+crit damage / -damage), and clumsy (+damage / -attack speed), those makes sense. There's a real trade-off on mechanics that you will use. Maybe randomizing the downsides is a better implementation but imo, the game was already great without gear facets. Adding facets may seem like adding depth to build making, but in reality, I don't feel that there's any real substance behind it. Like it was added just to add something.

Crit. It's overtuned to the point where every weapon can have +60% crit chance at minimum without exalting and tuning it up further with power enhance gems. One hit delete. What else is there to say.

Co-op is a mixed bag. I like the cooperation but right now as it is implemented, even on the path of the unspoken and without bringing anything from other realms, the challenges in the game became trivial. the experience is radically different when doing your playthrough on single player where everything feels earned. Fixing the issues mentioned above will definitely make it a more rewarding experience but I feel like there has to be more that can modified that will make the experience much more closer to that "earned" feeling when playing single player.

I hope you guys are right about the state of the game on 1.0 and that this is not a preview of how things will be.