What I can answer for you is this:
1) Yes, it still needs development and it feels incomplete because it is. Lot of the scenes - important scenes for both the story and adult content - are missing. Are there already important scenes and adult scenes? Yes, there is.
2) To either play or not I can only say some facts:
2a) Game is compressed a hell lot. I don't know the exact numbers but it's around 150-200 MB from 2+ GB so there are sum of content to play.
2b) You can already see if this suits you or not while playing the game. You should try it out and see how far it advanced since last time you've seen it. You can then decide will it be worth the wait for the upcoming big update or not.
2c) From what I've got - criticism - it's worth the play know and I'm on the good path for the development of this game. What I knew was a big problem has been fixed. This point also refers to 1), since it still needs more development.
I'd be happy if someone other than me also replies with their experience of the game but I wanted to give answer.