Playing it right now.
I think it's on par if not better than Gothic 2. At first I thought Gothic 2 is better but when I forget about nostalgia I remember that I only like Khorinis and I fucking hate Valley of the Mines (or whatever it's called in English, I don't know) and it stops me from replaying it. Here are main points where these games differ in my opinion
Elex has better combat system
But on the other hand it feels more clunky than the one in G2, you will often wave your sword in the air because your character won't turn the way you want him to.
Gothic 2 has better characters
It's like with San Andreas and GTA 4. I remember everyone from SA but can't name anyone from 4, they were some generic italians mafiosos. Same thing with Elex, not as bad as GTA4, but still no really memorable characters.
Elex has a better story
It isn't Uchikoshi story tier by any means, but the whole Alb elex-junkies with no emotions thing and Jax trying to be more human is more interesting than "hey there is a bad dragon and you should slay it" in G2.
Elex has better world
It's big but it's not some repetitive shit like in bethesda games and you have a jetpack so you can get somewhere high easier, and you can jump from mountains instead of trying to get down on foot for five minutes.
But on the other hand there isn't much point in exploring it because you get fucking mugs and forks in reward for exploring it. Seriously, you open a level 3 chest and there is a candy bar inside. What the fuck. On the other hand the world in Elex is not as dark as in G2 so that depends what do you prefer.
The worst thing in elex:
HUMAN ENEMIES DON'T DROP WEAPONS
There is no point in trying to defeat some badass because you will just get 100exp and some trash from his body as a reward.
Some tips:
Everything will kill you at the beginning, don't try to fight, monsters give almost no exp anyway, do quests instead, run and fly and you will manage to finish a lot of them without fighting
Do not sell pure elex, do not use small elex potions. You can buy a recipe that will let you make a normal elex potion from two small elex potions or 4 pure elex. Normal potion gives you 2 attributes points. You get 10 on every level up but after 30 points in e.g. strength next point costs 2 attribute points. After 60 I think one point costs 5 fucking attribute points so you will need those potions. Drinking them gives you "cold" which probably influences the story but I don't care because I just want to fuck things up. At level 20 I could destroy every enemy. Oh and stats don't make you stronger, you need them only to unlock skills and be able to equip weapons so don't pump up anything more than you need.
Don't buy factionless armor, you can find an armor that gives you 13 defense for free, it's in a chest in some hunter's house, south-east of the first region if I remember good. Best factionless armor has 14 defense so there is not point in buying it if you can find that 13 def one.
Spend money on pure elex. Doctor in that desert town sells it, barman in the same town sells alcohol, so it's a good place to make potions.
Try to save 30000 elex to be able to buy the best faction armor. I spent too much on pure elex and can't buy it now even though I could equip it now.
I have finished the first chapter today. Got maxed cleric 2h weapon, did almost all side quests so there is only main story left for me since from what I read there are no new side quests in next chapters.