Crosmando: Is that a euphemism for complete shit?
Not quite. I've seen worse. Sadly GoG has no spoiler feature, so beware for wall of text.
Discussing X-Rebirth is difficult thing, as people take things emotionally (and rightfully so, given discrepancy between game's price tag and level of quality provided, multiplied by developers' behavior), and seems they have quite opposite opinions.
So here is my point of view, there are many like those, but this one is mine;). Egosoft's games never were examples of stability and polish upon release, so bugs' presense wasn't surprising really, You may call surprising the scale of problems and developers' response (or lack thereof), which was extremely annoying, especially early on. Surely, I'll prefer less talk, more wirk approach, but at earlier months there were little signs of work or any communications from developers. There were minor patches, but they resempled attempts to patch huge holes in hulls with bandaid. I don't think it was surprising that such actions caused an uproar, I won't go into quoting Saint-Exupery, but I think devs are responsible for handling their stuff.
For each his own, but I felt strong deja-vu with Gothic 3 release - game made impression that developers really bit more than they could chew, and release clustercluck of problems resembled Gothic 3 conditions. Thankfully no boars were present. Yet game had it's own problems. I'd understood should there be no new promised features, but losing features you consider necessary (or even mandatory), like lack of autopilor, cycling through targets, and no radar?
Personally I strongly dislike some new features, namely highways. It's like huge sewage pipe you fly through to get from one zone to another. Jump gates are there, but there are few, so it's highways now. Poo simulator - according to game I spent roughly 30% of my time there. Much fun, such graphics, so innovative, very exciting. Not.
I was hoping Egosoft will fix problems in approximately six months, but I was wrong. Guess if game was in development for 2 times longer, they added two times more bugs. Surely, I only scratched the surface of 3.0 patch, but it seems game now starts to resemble the way it should look like 13 months ago. Some improvementa are noticable, some probably I had to discover.
It may sound strange, but I managed to go through the campaign in early days, even if I had edit my saves two times to bypass then glitching scripts, and even got some fun from playing campaign. Heh, some fun even came from glitches, for exampe, like one where during one of local "epic battles" one of fighters turned to be invincible and entire enemy fleet shot at it. Freeplay mode had own problems, outside of broken missions scripts, yet it seems things are getting slightly better now. At least those "build-expand" elements seems finally working, and trading ships no longer pack in stacks or ram everything.
However, I can't recommend this game to anyone, until big discount (which we won't see until Egosoft will consider game fixed enough, to prevent even greater outburst of rage caused by newcomers), because you won't get what you'll pay for, even after 3.0 patch.
In addition few words into X-R's defense. Firstly, this game called X-Rebirth, not X-3Rebirth, so I don't have problems with single ship, in fact I like it (I still remember my WTFPWNGE-grade upgraded X-Craft in XbtF, that was cool ship), smaller galaxy, smaller everything, as bigger is not always better. Second, people blame most in-zone traffic ships as faux. True so, but those faux ships give a little bit of life to zones. When I launch earlier X-games, I can't get rid of feeling that even busiest sectors there are empty. So I prefer busier, even if fauxey areas of X-R. It's like Witcher or Gothic - their NPCs may not be more "alive" than their competitors, but somehow world seems more real. Graphics, while far from modern standards, at times generate pretty awesome pictures (though pretty shatted by one of updates (2.51, that added a lot of "dust clouds" to otherwise wonderful view), yet it times (up close, mostly) looks worse than X-3 (or maybe X-2).
tl;dr, X-Rebirth may be a reboot of series (and may even prove itself as worthy game), but it definitely had to spend at least a year in early access, with much less of an uproar and without 33 on metacritic. I can't recommend it for purchase, because I think it's overpriced and far from state I could consider "finished"