Not recommended. But it has potential, so it may – possibly – be good once it's finished.
The biggest reasons why you shouldn't get it yet:
– It's pretty boring. Yeah yeah, some fanboys say they've invested 500 hours into Starbound, but unless you're also a fanboy, you'll probably run out of interesting things to do pretty fast.
– There is a pretty high risk that your worlds and/or characters will be wiped or corrupted in software updates, which is pretty disencouraging for investing time and effort into this game.
There are some troubling aspects about Starbound. Some of those things have to do with the failed promises of the developer. Around 6 months after it was released as Early Access, it's still basically in alpha, and who knows when it's going to be released? With few major updates, it's also hard to know if the game is on the right track. Put simply, I don't think we should reward developers who can't live up to their promises.
But I also have some deeper concerns about the concept of Starbound itself. Starbound is basically Terraria in space, and one reason it's taking so long to finish is because it's so damn ambitious. An endless amount of planets with lots of various biodomes, what's not to like? Even in the Early Access, there's a lot of variety, but unfortunately it seems to be rather superficial. And that is the problem: that despite the massive amount of content, most of it may ultimately feel rather generic and not especially meaningful. In other words, my concern is about quantity vs. quality. And furthermore, why invest time in building stuff on a planet, if you're going to move on to other planets anyways? As a result of these things, both exploration and building are hurt – arguably two of most fun things do to in games of this genre.
Can they solve this, and create both quality AND quantity? I.e. create a good game? It should definitely be possible, but we can't know until they've gotten further into the development. As of now, they haven't solved it.