I think this case the EA is fine because they were upfront about everything, if they hid that the game was incomplete it would be bad.
but I think the EA should be extended to 2 years or so and involve us in more than just act 1
I doubt it would be good to do it. You already see how impatient people are with patch when it's like a year or so. Make it too early would mean that the game become even more buggy and unfinished, making it even less playable for some. There are game breaking bugs and crashes when the game first released already. Plus, the long duration of EA vs full game would create a cool down and decrease the hype when the full game comes around. It's fine as it is for me. EA shouldn't be too long.