It takes a really long time to generate even the smaller worlds and I had some stuttering when I was playing. I personally prefer smaller worlds with more things to interact with but maybe you're going for a more huge world like Daggerfall type of game. Still, there could be some places that aren't randomly generated, like a starting area for example since its hard to figure out what to do at the beginning.
Combat felt a bit too slow. I found an enemy with armor and was attacking him with my hammer and only doing like 2 damage per hit. We were fighting for so long that he broke his weapon on me and was doing no damage with his fists. Then I switched to a dagger and killed him super fast. Shouldn't hammers be good against armored enemies?
I know the UI isn't final but I'd really like to see the items show which slot they're going into before you equip them, I think that will save a lot of time.
Are the enemies only in dungeons? I didn't run into any when I was outside. The outside area was a bit boring, the dungeons were a lot more interesting.
Seems like a very ambitious project, good luck!