Using build v0.0.5-7388 Alpha [2018-09-24] the weird looking characters from the screenshots I linked above are now fixed. However certain effects still distort the image. Fire still has ugly black squares, and certain things like explosions and lightning causes the screen to do something weird...screenshots provided.
Performance and audio are good. I get 30 fps solid in cutscenes and 20-30 fps in gameplay (see my ancient 7 year old CPU with no AVX or TSX). The audio stutters when shaders are compiling but shaders compile very fast.
The game isn't playable though. The black squares and explosion/lightning effects are very distracting. If it weren't for these it'd be near perfect as the game now looks (and probably performs the same as even on my PS3 I get occasional framerate drops) very clean and sharp like on the original hardware, but better when upscaled to 4K. I suspect with a more up to date CPU than mine it'd be a constant 30 fps.
Cutscenes play like on the original hardware and also benefits from upscaling since I'm guessing they are rendered in-engine. This game is really close, but I don't have the time to sit down and do a full playthrough. I leave that up to someone else
PS Sorry for the low quality screenshots. I did them in a hurry.
Prelude cutscene 1
Prelude cutscene 2
Prelude cutscene 3
Prelude gameplay 1
This is normal with all the smoke. The fire in the windows look fine...but then...
Prelude gameplay 2
The explosion occurs and this happens to the screen. This also happens from lightning strikes during normal gameplay.
Character customization
Compared to the screenshot by DapperDon. This is totally fixed now
Gameplay 1
Finally normal gameplay after making your character. Here there's a thunder storm and the lightning strike did the same as Prelude gameplay 2.
As you can see my framerate is about 25 in the last screen. I'm sure those with better CPUs can get better than me but even on PS3 I feel this scene also drops framerate.
So personally I'd say my experience is probably near that of original hardware...in some circumstances. Log attached since everyone has a log fetish around here
BIG FAT EDIT: This game does not detect native dualshock 4 inputs. It will only detect xinput. So if you've got a DS4 then you'll have to use DS4Windows and switch the input method in RPCS3 to xinput.
This game does use sixaxis functions (to throw people and slam them against walls), but you can use the right stick to perform the same functions.