The game is working, although I don't pay much attention to skins or missing inventory items.
Haven't noticed any. If you don't get a purple backpack, you shouldn't be too upset, as you get 20 other backpacks.
However, (nearly) all the world records on the trick levels have been cheated, I took around 2 hours of my time to record example clips of their demos, made some screenshots, sent them to steep moderators and after a month I didn't even get a response back.
The good news is, there seems to be no way to cheat in the race and wingsuit levels, and the records there are still held by the best players.
Almost everyone quits in steep multiplayer if they lose, it's hard to find a game where players allow you to win.
It's working great on Xbox Series S.
I'm having the same issue as a couple of other people, where I don't seem to have a Windows Storage Space. So, I'm still lost. But since your post helped so many other people get their copy of Steep running, I'll buy you gold anyway. Fixed