I've really been hesitant to check this out (I was disappointed when it was revealed), but I'm trying to take in the positives for it.

For those who have played it, how does it compare to Obsidian's other games in terms of character advancement and narrative? If I like Obsidian RPGs, would I have a chance of liking this, or is this more of a Rust experience?

I wouldnt compare it to Rust, but it isnt a typical Obsidian RPG. I think Subnautica in your backyard is a good comparison. The writing is top-notch, world building is fun, and in that respect it fits the Obsidian mold.

It's really nothing like anything they have made before, and is really a labor of love, so to speak. I would say it is in a similar vein to Subnautica, Minecraft, ARK, but all PVE.