The state right now: Still a lot of bugs, MP still a mess, big physics issues. Sticky wall is still not fixed, and found it's way into the netcode where it now sometimes happens with car to car contact as well.
It's very much a bit hit and miss at the moment, but all in all, I'm glad I'm purchased it during early access.
I'm not going to say it's better or worse than any other racing sim out there - that's point-less, but I think having a selection of decent titles gives you more options - especially with online racing.
I guess my main points re: AMS 2 are:
1) AMS 2 is good right now. It's on ver 0.9.1 - it DOES have some bugs in it and issues, but the developer is being responsive and releasing regular updates and I've got confidence that a lot of things will get fixed by the time it gets to version 1.0. Time will tell.
2) I personally do like the P2P online racing option within AMS 2. There are obviously pros and cons to it, but it does give the user an easy option for firing up an online race, without much effort and if you can't find a server or online session in another game that appeals to you (perhaps because of the time zone you live in like me), then you can start up a session that suits you and be online in a few seconds.
3) I'm definitely not going to say it's better than rFactor 2. It's not. But in saying that - it's not bad either. FFB is decent and improving. I doubt it will get to a level where it's as intuitive and natural feeling as rFactor 2 - but that's life and without using the same game engine, that's unlikely to ever happen. But that doesn't make it a bad option to have as a second or third title in your library.
4) So far my own personal favorites are the old school Formula Classic F1 cars. They're good fun and well modeled, but obviously imaginary - in terms of not being representative of any real world cars. Although you could argue the same thing about any car in any racing sim period. It's purely a fictional representation of a car, based on what the game is capable of.
....the early access pricing will go up in the near future - on or around the time version 1 comes out, so if you want to give it a try, now is a good time to try it. I've purchased the base game and I'll judge any DLC and third party paid content as and when it is released.
I don't think much of the Sigma P1 (Prototype class 2) car from the last update. It seems slow and boring to me, but that's mainly a personal preference thing on my part.