If we are indeed playing something a month or more out of date, then I would call it a backer dog and pony show, not a beta.
To be honest, it does not feel worthy of a beta and is hopefully nowhere near feature complete (speaking to game mechanics).
I will not call results of this a failure yet, as it is too early to say, but I decided several days ago to stop playing until the game is patched, it is currently UNFUN with the number of bugs that I have encountered.
Hopefully Obsidian takes the time to get a good stable version ready before release. Since this was crowd-funded, they do not have an outside publisher to push it out the door before ti's ready but I suppose it could still happen.