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It still receives frequent updates and aside from the campaign/tutorial and some HD graphics the game is actually complete.
5 years is nothing new for development, Rimworld was 5 years, Prison Architect was 5 years and they both are complete with Factorio unlikely to take more than another year I think.
There is a roadmap of what is left to do before they go out of early access:
https://forums.factorio.com/viewtopic.php?f=3&t=678
As you can see what is left is finishing the higher resolution, finishing the "final" GUI, balancing, tutorials and a new campaign.
They are taking their time fixing bugs as they are found, even small ones because they don't rely on the usual "yeah it's full of bugs but it's early access so we get a free pass".
There is no ETA for version 1.0 (every time a developper gives you a date it is either going to be pushed back or forced to release by a publisher even in a state full of bugs), even 0.17 for the default version was already pushed back several weeks as new small bugs are found and they are fixed before giving a week more to find bugs (the loop has been going on for a few weeks now but hopefully the players that are actively bug-hunting will run out of bugs soon).
Finishing touches look fairly easy from the outside, but they are always underestimated by everyone (a small, very edge-case bug might require multiple days of rewrite for example, so it quickly accumulates).
I would argue that the game is well worth playing in the current state, but you will find people saying that even in games that are so broken that they are borderline unplayable, and early access has a lot of games that are far from ready for normal players, so it's not exactly wrong to just put a game in your wishlist so steam tells you when it releases out of early access.
Don't worry about being spammed by "hey, there is a discount", Factorio has this policy of not having discounts, so the only mail you should eventually get is "factorio is now out of early access".
Still, try the latest demo (not the one on steam but the one they updated along with the experimental version), it won't give you access to everything but it should give you a good idea on the state of the game.
https://www.factorio.com/download-demo/experimental
There have been plenty of games with an active community and people saying all over the place that outside of a few bugs here and there (but that since it's early access it is normal) the game is well worth buying, and that there are plenty of things coming out soon because the devs said so.
Early access is full of small development teams that are on their first real game, usually taking on more than they can feasibly achieve (especially since they tend to listen to requests from the community, which tends to end up with what is called "feature creep"), and after a year or two of active development things slow down with various reasons given to the players, before getting either a "release" in name only or very infrequent updates (with barely any news around the current development either).
The "survival" genre spawned plenty of examples of these practices over the years as it was a very popular genre at the time but each game needed to be even better than the rest to keep its player base growing.
I stopped following those games but when I was still paying attention the games would have needed full time AAA studios working on them to even have a chance to finish them and not let everyone down on the quality.
Discussing abandonware is completely irrelevant since Factorio doesn't qualify. A very simple search is all it takes to confirm that.
Unfortunately we're living in an age where so many people run their mouths off with babble and not even think of doing some basic research.
these devs are devoted to making this game very optimised, its a far cry from the performance last year.
they worked on features for the first couple of years then they optimised and now they are just finishing the graphics to look as good as they can look.
if you pick this game up go on the beta branch and check out the earlier versions to see how good the game looks now, the trailer also shows what the game looked like 2 years ago.