Just to add from another phase 7 tester here, I agree with some of the other posters.
I think, from the striclty bug issue side of things, I would be slightly worried, but to be honest, all MMORPG's are going to be released in this state and take about 6 months to become close to the "final product" as they are gonna get. You can argue that it will never be too soon to release the product, or never too late to release it. I think in this case it leans on the "too early" side based on my experience with the game.
However, all of those major bugs will eventually be solved and my concern would be whether there is a FUN game to play after that. I didnt have any fun with the beta so far, and that is ignoring the frequent bugs and just looking at what you actually get to do in a few weeks of constant playing.
The actual core gameplay just is not fun to me. It is time consuming [a given], monotonous, and [the killer] unrewarding after you put in that time and effort. For what, buy a bigger ship? Purchase a "skill" you need just to use a "weapon" that you didnt have the skill to use in the first place?
Things will always get better in the long run, corporations, group activities, large player cruisers and epic battles etc. But I think honestly its almost like paying entry into a museum only to be told "guess what, YOU are the exhibits! isnt that neato!?" ....to some it might be, but to others, they will be left feeling a little jipped.