Most of the content is currently avaiable through both current branches.
You miss a few scenes in the fort or the minihub in the starting village before sailing off to the main city part of the game.
You start at different locations there depending on if you did the fort or village, but (as far as I can tell) the content of both starting points can be done for both paths.
The other main branching bit is the church, with a dom or sub route that will, apparently, eventually come back together, but they're not developed that far yet.
Before the overhaul, you were either sailed off to the current city or sold to the meathole in Rothspike, but that part isn't implemented yet.