It's mostly been tweaking/developing of existing content rather than anything new. This is not an unreasonable approach, as making these refinements further on down the line would undoubtedly be more painful, but it's regrettably frustrating when you're hungry for new challenges to meet.

I recommend picking up Conan Exiles in the meantime if you've filled up on Valheim, but still have the itch to explore. You know Iron Gate is doing something right when a much larger developer lifts Valheim's building interface for their own game. Tells me that, despite the bumps, Valheim is probably on the right track.