At this point the game works relatively well, with the exception of one or two small but irritating problems (like player and enemy models occasionally hyperspacing 20 feet in a blink during combat, or ambient noise sometimes overpowering music and sound effects). They just need to concentrate on content, and lots of it.
Skills and items need continued balancing; fine. The cutscenes obviously need to be finished; no big deal. The game missions work pretty well, mostly, but I'm really hoping they'll add more secondary quests. The real lack of content is in the explorable areas, though. I wandered through a lot of wilderness in Guild Wars over the last few days, and it's one of the really cool features of the game, but there's basically nothing out there. Sure, there are a few enemies to fight (though some areas off the beaten track feel unifnished and strangely barren of monsters), and there are some absolutely spectacular landforms and discoveries to make - sprawling cliffside murals, massive crystalline formations in caldera-like bowls, etc. - but there's no content outside of that, and that's not enough. They desperately need NPCs, side quests, and maybe special items or crafting materials out there in the wilds, to provide more of a motivation to explore and discover the beautiful geography they've created.
And it is beautiful geography. I've logged a lot of miles backpacking through different ecosystems, particularly desert and semi-desert areas, and - despite the limitations in GW's terrain (where basically everything is rounded) - I've never seen a 3D game capture real landscapes nearly as well as this one.