I have to say, your review is almost exactly what my friend said to me not a week ago. He talked of the empty feeling, the lack of friendly play, the rarity of items making them less than desirable to search for, and of course the cosmetics only approach. I would say that Salt seems to be moving in the right direction. With their patch allowing coop, they have hot all the hot button issues for that game. If it weren't for the lackluster game's art styling I would play it more often but I can bring myself to play with the mid 90's graphics. I was really hoping that SoT was going to be a "knock it out of the park" pirate game to revive the genre. My real concern for it is: if it isn't worth the money yet, when will it be?
Salt would be nearly perfect if it had actual sailing-physics and hostile encounters on sea, so that the cannons would actually be useful instead of shooting static targets on islands. As it is now, it's a relaxing exploring-game. Which isn't bad of course, I mean, I have put 64 hours into it since there were always new islands with new treasures and dangers to discover.
Unfortunately, there are no more updates coming and a workshop wasn't implemented.
Your last paragraph is... a very good question.
Personally, I would wait until it costs around 20 €. The 70 € (Microsoft-Store) are just an insult for the measly content. You can get it for 30 € on certain key-stores, but only if you are absolutely desperate for a new pirate-game.
Maybe we have luck and Rare will introduce some SP-mode with AI-crewmates, but until that happens, it will likely be already crushed from the upcoming competition. There's already "Atlas" from the Ark-developers coming, which seems to improve on everything SoT has.
After two weeks of playing, I think I have seen enough of this game.
My positive points still stand.
But the negatives only increased.
Community-wise, it's not that bloodthirsty as often claimed on the forums. Most will leave you happily alone and even those who are out to rob you, are pretty civil if you just surrender and don't put up a fight. If you are lucky and choose your words wisely, they might let you go unscathed, without taking anything.
On the other hand, the lacking content also means that you might encounter those pirate legends, who are pretty much done with the game and find their only enjoyment in actively hunting down players. They will simply blow your ship up, kill you and then spawncamp to prevent you from fighting back, without giving you a chance to resolve it peacefully. Bonus points if they aren't even interested in stealing your loot, but only in being assholes for the sake of ruining your day.
Fun.
While the gold horder-quests (X marks the spot) are the most enjoyable of the bunch, the riddles the game gives you are hit-and-miss. Most are easy enough (Find a landmark and then do X steps in Y direction to find the chest), but those who require to play music on a different, often more obscure landmark first are absolute hell for me. For the sole reason that more often than not, they demand to play music in a
very specific spot sometimes. Since the game doesn't even bother explaining to you that finding the respective landmark and playing music isn't enough. Some comments on reddit claim that you additionally have to play the correct tune for it. Which is it? By trying them out, of course!
I'm not against riddles and I have no problem investing some time in figuring it out. But given that you have to be constantly on the lookout for players with hostile intents, solving riddles only becomes incredibly stressful.
Fun.
After being blown to pieces yesterday for no reason and getting stuck on a riddle again since I couldn't find the apparently pixel-sized spot to stand on, I quitted for good.
Final verdict from me: Still not worth its price currently.