I was an enthusiastic backer of Torment on Kickstarter, and just finished it in 23 hours, after being as thorough as possible in my explorations and side-quest doing.
Here's my (semi-coherent) thoughts on it so far:
First, let me start with a TL;DR: This game is a very good RPG, while being FAR from what we were promised.
Now, let me expand on it:
Very few games gave me this much contradictory feelings. It was for me a sort of reverse Age of Decadence, in that in AoD I expected almost nothing from the game and bought it very cheap, and it turned out to be an awesome and memorable RPG experience. Make no mistake, this IS an awesome and memorable RPG experience, but I was led to expect way, way more from it. It surprised me to no end; Seemingly minor locations were teeming with content, and seemingly innocent dialogue options left me awed as to the paths they led. It fulfilled what is for me one of the most important (and sorely lacking in recent games) requirements for a good RPG: I set out wanting to play my character a certain way, and the game enabled and encouraged me to do that.
The writing does occasionally suffer from over-expositions, but in general I wasn't too bothered by it, and found most of it to be excellent, as I did the wonderful environment art (character art is significantly worse, often failing to convey even an NPC's most remarkable characteristics). It all feels very creative, the work of very talented people. But one of my biggest disappointments with the game is it's paradoxical lack of depth: It's intellectually quite deep, and certainly wide in it's choices, but it's short; The companions, while believable and relatable, are not that interesting, and their individual story arcs/quests are often very short, which was the last thing I imagined would be the case, since the number of companions was cut expressly for this purpose, so they could have deeper and more comprehensive interactions.
The game succeeded in keeping me immersed and anxious to discover the truths behind the Ninth world, but it all feels too... "Cut". I didn't pour over old Kickstarter updates to look for cuts as some people did, but it's obvious enough in game. Often, even characters and groups with extensive dialogue interactions have options seemingly artificially cut off from them, such as joining/helping them in any way. Choice-heavy elements abound, but often feel disconnected from all other events, as there's the impression of very little communication and influence between the sub-plots. The often mentioned "Tide System" also feels rushed; They are thematically central to the story, and every use of the Tides feels like a very important occasion, but at the same time they seem few and far between, and I was left wondering why my character could resort so rarely to a power that was becoming more and more natural to him.
The main quest began, ran its course and ended beautifully, and there's a minimum of "chaff filler", almost every dialogue contains important decisions to your path and the type of person you want to be. There's no trash mobs or needless fetching quests, although many times you are held responsible for the actions of the Changing God, and have to pay his debts. However, another thing that bothers me is the lack of what I call the (non-Bethesda) "Fallout Standard" I've come to appreciate in RPGs, that is, you always have the option to kill someone, and the game's story adapts and molds itself to reflect your actions.
So, to summarise: This is a deep roleplaying experience. It has beautiful and rewarding moments, surprises and great tragedies, super writing and complex philosophy. But it's also full of contradictions: The game itself is profound, but short; Interactions are full of elaborate choices, but often miss the most basic of them; Companions are relatable and their personalities deep, but their story arcs too abrupt.
Anyway, my 2 cents.