Still very much an alpha. Play if you love the idea of physically obeying a waifu-esque virtual dominatrix, not because you want to get off to porn. Keep in mind that the initial demo before you reach the "gameplay loop" will take around an hour or so to clear, though it autosaves after each scene. If you can, try to mount your camera/sensors high up, so that your hand controllers can still be sensed even when they're touching the floor. Oh yeah, and you're expected to literally strip, so turn the heat up or wait for this chilly winter to end...
The devs have spent a few years on this, and along with some developmental dead ends and time lost to the pandemic, they did manage to deeply refine many elements of the core experience. The dominatrixes themselves show off a huge amount of body language animations, try to constantly engage the player with questions, are cutely and uniquely designed with lively expressions and of course full eye contact, and so on. The lore is decent too.
Spoiler art. Two years ago, this is what the game consisted of: picking a gender, talking to the boss mistress and doing a few poses, then talking to the maid mistress and her evil twin (?) and doing a few poses and mostly just experiencing lore. A little after that, they added a public masturbation scene with a strict teacher mistress, which was honestly pretty impressive, and a sex scene with the evil twin. Around a year later, they added a playtest for the maid mistress's scenes. Now, a few months ago, they have all that plus the following: multiple short interlude-style scenes with Devilish Domina (the in-game avatar of the dev) and the boss mistress, multiple variations of the public masturbation scenes with the strict teacher mistress based on reward/punishment/serving, multiple variations of posing instructions/quizzes with the maid mistress, and placeholders for 6+ more mistresses, half of whom have actual models (in other words, half of them are just black cut-outs), with lots of unvoiced text as placeholders for scenes that will be added later. The schoolgirl one and the jailer one look like fun to me. At the current rate, it may be a while before they're all in the game, though. (And can I just say, isn't it way too much for Devilish Domina to voice ~10+ characters personally? She's definitely great for an amateur, though.)
The biggest problem with Dominatrix Simulator is that, well, VR game development where you build most character-related assets from scratch and focus on the details of the experience in order to maximize immersion/self-insertion... isn't easy. No one has ever made an interactive BDSM game like this before, so they are breaking new ground and can't easily judge how difficult or practical different features will be. I expect that all the placeholders they've recently added in-game are an attempt to pin down the feature set so that they can make judgments about how much time they want to spend on some mistress, and what level of depth is possible within that time frame, and thus better satisfy their patrons' desire for regular content updates.
For what it's worth, I think that the future is relatively bright. Despite the pandemic, they clearly haven't lost their sense of ambition nor compromised on the quality of their art, and several new mistresses are clearly coming along well (they already have their own play rooms and character models implemented). And I liked what I experienced of the maid mistress's scenes. It's just that they have clearly bit off more than they can chew with all these mistresses, and while I think it's kinda cool, I wonder just what this game will look like in 5 years. I hope that by then at least one mistress has a ton of content, so you can really get to know her well and do many different things with her, using the various props in her space.