Phenomenal is a strong word. I haven't gotten very far yet, but generally like what I'm seeing. But the devs really seem to have botched the itemization, rarity, equipment progress and mods.
Also the perks seem rather bland and uninspired.
Itemization is easily the worst part of the game imo. There's such an insane amount of ammo and health items scattered about, I'm literally flooded with them despite only picking up about half the stuff I find. Same goes for weapons and armor which are FAR too easy to acquire. It could have been so much better if they had just put some actual thought into the item distribution.
Everything is just handed to the player in this game. I rarely feel like I've earned any of it.