There is nice preview on MMORPG.com about this early access game. As the author writes you must be ready to accept that LiF is in the very early stage and don't forget it. You can "enjoy" many bugs and errors.
There are tons of skills to level up, everything is handled through a context sensitive menu and you WILL be wathing a lot of progress bars. Everything you do in the game from crafting to fishing has a progress bar.
Unfortunately the author didn't play long enough to build up a house and combat is in his early experience unplayable.
However for now the game is not ready to be played and there is much work to do. At least the developers got enough money from Steam to pay for all the work that must be done.