It's already very polished. I don't think I've ever had any problems with bugs while playing Rimworld. Well, like, besides mod incompatibilities and stuff. Morale stuff probably counts as 'rough around the edges', I guess: morale penalties can be pretty brutal, especially regarding seeing dead guys (including your enemies), and there aren't very many ways to boost or assign tasks/'relaxation time' to boost it if it's going down too fast outside of just making stuff look nice.
There's a decent amount of content, in my opinion. There's a few variations of different assets/resources/whatever, a few different kinds of guns in the same categories, IIRC - I think it's just the pistol for sidearm-type weapons, but there should be two kinds of machine gun, a laser vs conventional assault rifle, short vs great bows for tribal enemies (alongside pilum, clubs, etc), friendlyish factions, two hostile human factions, and a hostile robot faction, etc. Real good on content for an alpha/beta project, is what I'm saying.
Regarding updates, those were going at reliably one per month, but either the latest or last release shifted to a slower release cycle, since cleaning shit up for release was using up dev time and such.
Each update has added a big new system, IIRC. This latest one added temperature, previous ones added shit like DF-style health, cyborg prosthetics/surgery, DF-style topography generation, the aforementioned factions and the like. Things are perhaps not as well fleshed out as they could be - for example, factional diplomacy so far only includes paying factions to make them like you more, getting attacked by hostile factions, and involuntarily getting occasional aid from friendly factions, no trade agreements or the like; for agriculture shit, there's no ranching or herding, only planting and hunting - but IMO Rimworld stands up very well for itself so far.