I can say with a straight face that it's totally acceptable, and that's not because I'm a Mod or a White Knight - I have issues with the game like others do (where are multiple cmdr slots, the pirate role with "petard hoisting", ironman mode, the ability to transport equipment items in your hold, ship transfer between stations, a proper functioning economy with consistent pricing, etc, etc).
However I think what has been delivered is totally acceptable, and I find it good value for money based on the cost per hour which I've got out of the game. I also think it's a great foundation to build upon and I'm happy to be along for the ride. I wasn't expecting much from 1.2, but it transformed the game for me and gave me a mechanism to play meaningfully with my son (amongst others) which I very much enjoy. I'm looking forward to 1.3.
It's not everyone's cup of tea granted, but for some people, it's entertaining, engaging and addictive.