As of submission, Version 1 has the following:

• Character Sprites: Both VN and overworld sprites
• Custom Exterior Tilesets
• 3 Levels
• Basic Intro Cutscene and CGs
• Item Randomization
• Gate and Key Mechanics 
• Random Encounters: Art Assets not Finished

What's coming to Version 2: 

• Final Cutscenes, CGs and Boss Battles
• Additional Sprites (Expressions) for Magenta and overworld sprites for Glacier Blanc
• Custom Enemy Sprites 
• 4 Sub Maps and Custom Interior Tilesets
• Final Puzzles