I loved Warband, I love Bannerlord. I think it is a good foundation.
However, judging from the first month, I am having concerns.
As OP mentioned, only balancing and fixes, no new content. (granted, fixes to ensure the game can actually run and does not crash every 10 minutes are important and should be a priority).
My problem is the complete lack of a roadmap. There are no dev blogs showing us what they are working on and what they are struggling with. The strong focus on rather small balance issues, such as armor values or caravan income leaves a bitter taste in my mouth. How long is EA?
Because why on earth would you try to balance these issues in detail, if you have more content on the roadmap that will have in impact on the whole game and might render all your work useless? Furthermore those things will never be perfect. Someone could sink months into tweaking the economy to work nicely, only for a random player to discover a new exploit.
I am worried that the EA is basically the complete game. All new features I know of is diplomacy, the tabs for which we can already see. Everything else so far is focused on the existing game. The logic I cannot grasp: If there is more radically new content planned, why so much love for balance? New content will break that balance? Wouldn't it make more sense to bring the game on a more mature level regarding features and content, and then get started with nitty gritty balancing?
I hope I am wrong, but seeing as things are going I am beginning to see the risk that the devs see Bannerlord as a nearly complete game and when diplomacy was added and maybe one more feature, EA will suddenly be over.
In short: I am currently seeing the glass half empty.