Act 1 felt magical to me, you had a lot of interesting things to discover, leads to follow, fun camp interactions, you were finding yourself in this new world, etc.
In act 2 the plot started to thicken and we were beginning to understand what we were standing up against. It was much shorter but more concise, the relationships with the characters were deepening, new characters were making an appearance, we met the villains for the first time, and so on.
Then act 3 is when the game lost its steam. You have this big city to explore, but then in the back of your mind you know you need to hurry, so you have to willingly ignore the main quest to immerse yourself in the game world. There's quite a lot of stuff to do, yet it all feels like it's underdeveloped and cut short. Cazador's palace is placed in a ridiculous location, the temple of Umberlee feels like it needed more content, you cannot decide what to do with Shar's temple if you kill everyone in there, Gortash has not enough content and the alliance with him has no substance and is disappointing, the relationships don't have any new content once you finish the companions' quests, there's no camp event before going to the point of no return where you can enjoy last bonding moments, the companions are chiling at camp instead of greeting you in the High Hall, you don't get to say final goodbyes in case things go wrong, there's no cutscene of everyone celebrating in the tavern and of course the obnoxious Astral Prism railroad... A lot of things just seem empty, unfocused, unfinished. I just didn't feel satisfied with it. Funnily enough to me Raphael fight was much more climactic and he felt more like the final boss rather than the actual one. When that music started playing it gave me chills and made me wonder if maybe I had bitten more than I could chew. I had no such uncertainty in the final battle, it was all easy and even fun with a MF helping you out. Zero doubts that I might not succeed.
It was also in act 3 when I started feeling like starting a new playthrough because I felt like I was playing an early access game. I really hope they rework it, and give us the cut content.