So, it's out in early access, and I've got a couple hours of play time under my belt. My impression is that it's fine. Mostly, anyway, and the biggest issues are things that will get sorted out in time.
Pros:
Everything works, no crashes, technical hicups, obvious bugs, etc. This isn't much of a bonus, but given that AAA games sometimes fail to work properly on launch, it's worth noting.
The game's got a really solid sense of humor, but it's not just "hahaha, penises", there's actual jokes. And also "hahaha, penises". It's still a porn game.
The "taking potshots from the peanut gallery" humor in the trailers has carried through into the game, so far they've lampooned Randy Pitchford, The Last Jedi, lootboxes, themselves, and probably a bunch of other stuff I've not found or overlooked. And also Tim Pool (I guess FOW is still irked about those legal threats).
On the actual game side, the SHMUP element is very well made, there's 3 main factions and they all feel fairly different from one another just based on how they behave and what weapons and ships they have available.
Ground combat is fine, I'm not very good at it yet but the basic mechanics feel solid, I just need to learn them a bit more. The adrenaline system is a nice twist (units build up a meter by dealing or taking damage, and once full can activate a powerful ability), it encourage you to quickly knock out enemies before they build up a full gauge, but also punishes spamming weaker attacks or trying to take on an target with something they're resistant to, as it just lets them build up thier gauge faster, and encourages you to not play it too safe. You want ranged units a bit closer, so enemy ranged units can shoot at them and build up your adrenaline meter.
Cons:
The biggest issue has been limited waifu variety, right now there's 3 in the game, but only two can fight in ground/space combat, Demi is just there for plot stuff and lewds. Subverse has a decent sized enemy roster, but it's got it's limits, and particularly for the space side, constantly having only two choices of co-pilot was getting dull.
The second biggest issue has been aformentioned lewd scenes, which are mostly opitional save for (so far) a single mandatory one with each waifu. I'd rather the sex stuff be totally optional, as I think they're a turn off to people that might like the rest of the game but would rather not engage with the sexual elements.
I'm not sure if I'd recommend the game. I wouldn't suggest you avoid it, but I suspect for many people, there's not really a good hook that will mean they'll like it. The jokes are good, when they show up, and if they're to your taste, but is it worth going through all the SHMUP and ground stuff just for them? The actual gameplay is fine, but there's nothing really great about it, it't just ok. If you're actually a fan of either genre, I think you'll be better off spending money elsewhere.