They still seem afraid to show any more of combat than a single swing from one of the combatants, so presumably that's unfinished.
the combat is on the same level of completion as what you see in the melee battlegrounds videos, its the core mechanics of swinging down, but its still rough, still looks mechanical, not very polished.
So, how much of the game is completed, which features are in and working (or will be for steam launch)?
the last thing i saw them update to, was adding the farming and livestock to the game.
Completed, or rather working:
Mining
crafting
smelting
felling trees
building houses and equipment
basic combat mechanics
swimming
farming now
things that i can think of as of now that are missing:
alchemy
horses
wagons and movable equipment like wheel barrows
siege equipment(might be in there as i havent gotten far enough to test it, i doubt it though)
huntable animal AI
archery and slings(they added the slings in a few patches ago, but i dont think they got them to work, atleast i couldnt)
cooking(i just eat apples all day lol)