I died twice today, learning the ropes of AVWW, and another time from an obscure (and now reported) mouse-related bug. My feeling is that AVWW has a lot of potential to be a great game and that these early Beta days will help flesh out an already good game into a very awesome one.
My initial impression is that the world is a bit "dry" in terms of content. At this point, all the adventuring is for resources, which although quite necessary, aren't terribly exciting. This is certainly a known-issue and I'm well aware that Arcen has stated that content is now their #1 priority.
I think some UI tweaks will improve gameplay a bit. For example, on my 1920x1200 screen, all the text in status messages is quite small and a strain to read. The health and magic meters could be a little bigger, brighter, or somehow more visible.
The settlement management screen is my biggest mystery. After putting in a solid 6-8 hours of gameplay today I finally made it to Civ Level 7, and of course have had access to the settlement map for several levels. Some management options are obvious. I can see that I can build 3 structures: a well, a house, and a farm, and I could easily figure out how to explore new areas or rescue a stranded settler. Less obvious are the answers to questions like "How many people will one farm feed?" or "Does killing all the monsters guarding a cache of resources mean I automatically get new resources each turn?" Also, the tooltips make reference to more advanced buildings, but I was unable to figure out how or when they might become available. Perhaps these aren't in the game yet.
Overall, I think this is a great start for Beta. I had a lot of fun (and some frustrations) learning the game today and I'm really stoked to see what the Arcen team comes up with in the coming days and weeks. My advice to new players? Level 1 is the hardest and the learning curve is rather steep with very little in the way of guidance (yet). Stick with it and you'll soon discover a game absolutely brimming with potential.