.Keys: Just to clarify as my post may seem misleading about Achievements:
I haven't played to get them. By 100% the game I mean doing all single player content without problems.
In this version I haven't tested myself:
Online Ur-Dragon (End game boss that can be played with other players) - but there are still one weaker Offline Ur-Dragon version.
Online pawn hiring system (But the game generate offline Pawns, which scale with your own level as you progress, that can be hired without the need of internet connection at all.)
So if there are any achievements for Online pawn hiring, or Online Ur-Dragon, I believe you will have a hard time completing these.
I'm close to completing 100% of the achievements and I've killed online ur-dragon a few times myself. So yes the online gameplay "works". You can hire other peoples pawns and use them. you can fight the online ur-dragon.
"only" the social features are missing.
no pawn return means:
-yours and other players pawns won't receive ratings and thus there is no competition for "best rated pawn"
-pawns won't keep the knowledge they gained while being hired by other players, so no helping newbies by training their pawns
-gifts and gear you give to a hired pawn won't make it back to the owner, so no trading among players
-i already mentioned you won't receive rift crystals for your pawn returning which is probably the only thing that affects players who don't really care for the social aspects
also I think the scoreboard for online ur-dragon is glitched because some of my kills didn't seem to count.
So yes the game is "playable" 100% but people who are looking for the full community experience should stick to the steam release.