Exploration is still lacking pretty heavily as perception is largely superficial at the moment. Climbing when it was first talked about sounded so exciting, but I have yet to climb to anything hidden or memorable. Rooftops, waterways, boulders, etc are all empty. The baddies don't hide their loot stash half way up the cliff face on a small hollowed out ledge or inside a ruined building you need to climb through an open window to reach. They just leave it easy to access on the ground.
There are signs of more to come. For instance I have found an incomplete cave system where climbing leads to invisible walls. There are also living spaces you must climb to that may hold future interactions.
They are focusing on the repeatable combat cycles as climbing people are not going to be exploring the same area multiple times.