Not in the Elder Scrolls way. A completely different sort of game (and not as huge of a game, content wise, compared to the TES ones). But it's open in the sense that you can do whatever you want in it.
Most important feature of it is the combat system that feels so much better than any other games', despite its flaws.
As for bastard swords, well, they're not high priority for me as they don't quite fit the nordic theme, but they could be available anyhow as weapons from the other provinces.
Just read the IGN review. They gave it an 8, but said the production value is really lackluster and "a decade behind."
Just try the Demo instead of reading silly reviews. Of course it's an indie title built by a handful of guys and technically not on-par with titles developed by multi-million-dollar companies.