Is this game actually "good" in the state that it's in, worth torrenting and trying out? (no way I'm giving money to Bethesda)
Or is it worth waiting for some big overhaul mod a la Nehrim before getting one's hands dirty?
It depends.
If you enjoyed *anything* about oblivious or expansion (any single thing in actual game, not just flinging shit at it on the 'dex or trolling bethtards about this easteregg with Akatosh that only appears when you delete all your saves and throw yourself from Dive Rock) then you can safely buy a legit copy, because it's overall much better game.
Other than that it can't hurt demoing it. Unlike oblivion it isn't a bad game and it doesn't look like an attempt to market bland PJ's LoTR ripoff as a TES game.
+Visuals are a definite plus - unlike oblivious they are actually attractive, rather than merely trying to impress with raw quantity of shaders - faces look like a rather successful attempt to re-create Morrowind design of TES races using modern tech, environments look nice, conceptual art clearly wasn't limited to stills from LoTR and some doodles of one of the devs' 6y.o. offspring. The engine itself actually seems quite dated and character bodies are rather blocky - this is inversion of how it was in oblivious, where visuals were fairly strong technically, but pain to actually look at.
+The land feels more designed and structured - you have distinct groups of people inhabiting Skyrim rather than generic denizens of multikult happyland inhabiting Cyrodiil - you have Orcish strongholds, native Breton majority (some of it militant) in the reach, Dunmer refugees, Khajiit traders and so on. The landscape itself resembles Morrowind more than Oblivious in that it isn't just a featureless stretch of terrain that can be traversed freely at almost any point, it's also littered with minor landmarks and otherwise distinct stuff. The dungeons are quite distinct from each other, at least in terms of flavour.
+There is some backstory to the gameworld, it doesn't all just hang in vacuum as it did in oblivious.
+Perks are a nice addition to the character development - beth clearly doesn't have it all worked out, but they are making some progress. Also, you level up based on all skill increases.
+wielding system has some bad flaws (that could be solved by making block automatic and working up from there thanks to freeing some controls) but it's generally quite robust and intuitive
+level scaling has been toned down, you can now meet enemies on verious levels and high end equipment remains at least somewhat rare.
+random scripted events help make the world feel alive
+many hostiles, like giants, wildlife and even hostile NPCs try to threaten before attacking, they flee more too.
+there are some nice addition to the magic system, like wards, runes or having to actually raise corpses as undead instead of summoning them.
NPCs don't protect you from other NPCs in Morrowind (assuming they attack first). Only from monsters. I know people will chalk it up to poor planning/implementation on Bethesda's part, but I actually always liked that they didn't interfere. It made assassination attempts more challenging and furthered the "fuck you outlander, Morrowind is a land for tough and dignified people who would rather show apathy in public than possibly make enemies by helping a stranger" atmosphere.
Still, this explanation didn't really work in your guildhall/stronghold/or Caius' house.
Andoran will make Skyrim existance justified same way the Nehrim did for Oblibion.
More so. Unlike Oblivious Skyrim is playable as it is and Andoran is, at least, a TES TC rather than something completely different.
+storyline isn't a cringe-fest as it was in oblivion.
+you can have follower.
+Thu'um gives some neat opportunities, throwing people off high places with FUS-RO-DAH! being the most obvious.
Now, for the minuses:
--------THE INTERFACE! OH GOD THE INTERFACE! The interface is bloody murder. Seriously, it should be considered a crime against humanity, a one roughly on par with holocaust too. You will soon start yearning something convenient and intuitive, like for example vi and I only wish I were joking.
-level scaling is still in and still causes problems - at least the bethesda seems to try to tweak it to be acceptable, so maybe they will eventually give it up at some point.
-magic system has been brutally castrated - no spellmaker, many effects removed.
-character development has been butchered - yes, there are some nice new things, but there are no attributes, less skills, and no build on chargen.
-dragons are pretty dumb in terms of AI and they are effectively Cliffracers 2.0 - not as frequent, obviously, but you will often have to fight one when just travelling to a location.
-there is very little unique loot to be found by exploring.
-dungeons are pretty, but very constrained and usually highly linear.
-writing is still speckled with derp.
-still no spears or thrown weapons, HtH not particularly viable.
-despite the rediscovery of quest randomization beth still has to learn why random guild quests only really work if there are guild requirements
-poor diversity of loot and shitty quest rewards
-shit enchant system
-many abusable loopholes