Buy this game now. Support the work these guys are doing. Show them that it's okay to release a game in EA as long as it's painfully obvious that you truly are still working on it. They're making a true to spirit and an honest to god attempt at giving you what you've wanted in Mount and Blade 2. They've made the things that were tedious in the old game more accessible and relevant (Trading, Town Management, Negotiations, Quests, Sieges ) and they've made the things that we loved about the old game even better (Mounted Combat, Tournaments, Sieges, Large Battles, Weapon Feel).

No; the game is not complete: Some of the castles are simple reskins of eachother; I can't ride my horse in town; Some dialogue is "This is a generic introduction". But that's what you get from an EA game. But releasing this game in this form is probably what they need: They need you to see that they are doing their best; They need to show you that this game is being worked on; They need you to know that they need support.

Buy this game now and wait for it to go into full release. It'll be worth it.