I have played this game for almost 2000 hours (~900 on Steam w/ 2 Accounts and 1100 on regular client) and my conclusion with this game is really heartbreaking.

First of all: It's almost like every other popular MMORPG. It offers a bunch of PvP from small scale up to 100 men Zergs fighting eachother, a player driven economy (including gathering + farming + fishing + crafting + trading), some sick ass mounts, sweet cosmetics. Isometric view, cross-platform, class-free leveling of skills and gear, neat animations, easy understandable game mechanics and a huge connected sandbox-like map (not a real sandbox imo cuz it's still separated in clusters) make this game really special. It's under continues development and aims to be the fairest PvP MMO.

And here comes the game-breaking part. Of course an offer of huuuuuuge variety is great, but in fact Albion Online reached a point where nothing is really appealing and outstanding. Constant updates and additions of features are getting so fuzzy and annoying because the developers cannot manage to give up certain bloated dead and boring features. Instead they're trying to revive them one by one leading to make this game unattractive for people who really want to enjoy their time exploring the game by it's fullest, because there's always this nerd sitting on their one and only special and very exclusive specialization of one particular skill tree and dominating it so badly that it creates a monopoly for each and every aspect in this game.
I have never played a game before that drove me so insane due to it having the largest travel distances in the whole gaming world. See, when I first played this game the map was only ~1/3 as big as the world is now, and it was from great size because the main continent, where you had to do business and a bit roaming around just for fun, was perfect for quickly traveling from one city to another. I made a decent amount of money with transporting goods from one place to another, enchanting and crafting where it's cheap and selling the stuff to somewhere profitable. Albion Online reached a point where the map is so big that you need to travel 10 minutes to even reach a potentially good zone to fight other players and spending another 15 minutes to actually find people who are willing to fight you (if you're lucky). And when it comes to transporting you can calculate yourself ~20 minutes to one city as destination. Sounds fun right? People call it the Riding Simulator, because you are LITERALLY RIDING ALL DAY LONG without experiencing a single thing of the whole world Albion Online offers you.
The Player Base is the worst I have ever encountered. In the city you'll meet nice people here and nice people there. But wait until you try to solo or get yourself into small scale activities: There's nothing but fearful players that never try to step out of their safe zone unless they're in a group of 10+ or next to an easy escape in which they're escaping after you beat them half death.
When it comes to Exploits and Game Meta: Albion is so focused in nerfing everything that is potentially one-shotting. Of course we have a meta now where a frickin' tank weapon that does zero to nothing damage is the ultimate choice to win 1v1s. There's literally nothing special about the combat. Every 1v1 encounter is roaming around eachother, exchanging some hits, one running away and resetting while chasing. Crying to sleep after dying to a trap or losing the temper in frustration and chocking. FAIR ENOUGH big scale PvP is very different and can be amusing if you don't end up riding 3 hours with a bunch of people yelling into your bleeding ears trying to tell you how miserable you are at following orders.
Pve? Come on! It has OK Pve that you can play from time to time to level up your gear but it isn't anything that it's really good at. If you want to play a MMORPG mainly for PvE there's better choices.
This game is totally P2W if you don't want to invest half of your lifetime traveling from one city to another, creating calculation sheets to find most profitable options, waiting for orders to finish or crafting tasks to complete.

Conclusion:
(Pros)
+ Huge Variety
+ Continued Development
+ Sweet looking

(Cons)
- Boring small scale combat
- Nothing really for solo players
- Boring PvE experience
- Riding Simulator
- Very time consuming --(leading to)--> P2W
- Impossible to have non tryhard experience without studying 3 semesters of one profession

Edit: Since people asked me why I spent so many hours in the first place, I'd like to share that I enjoyed it before the gamechanging updates and the fact that there's so much to do lead me to trying almost everything. A lot of silver I made was from transporting goods, salvaging items, enchanting items, crafting items, trading rare or premium mounts and corrupted dungeons. I even tried Gathering, checked out Hellgates (small arena like pvp) and Hardcore Expiditions (requires hell of expensive gear) and raided dungeons with my guild. We ganked people on the roads and I joined faction wars. What my point is that the game is indeed offering interesting content! You probably liked to hear that Albion Online has such variety and cool concepts. But as I said before: For me personally, it was nothing you could play in the future and on long term bases. I have had friends that tried to join me on my journey of Albion Online but most of them quickly decided to quit due to the slow gameplay. For me it took more to ruin my experience but little do I say: it did at the final end.