I'm impressed by just how accurate Ring Fit Adventure is with picking up your movements. You better believe I'm going to squat even lower to get that extra damage for good form. I also liked that it altered the post-workout stretches based on what attacks I used more often than others. It's an interesting set up.
As far as the workout experience goes, you're definitely doing actual exercises. My arms are a little sore today. I've got 5 moves unlocked at this point and most of them work out different muscles. The only major complaint I have is the jogging - that can get a little touchy - but the leg lifts for running up stairs or in water definitely need you to raise your legs high.
I'm midway through world 2 and tend to play a minigame or two after finishing. The game is fun enough to get me to work out my muscles which is something I normally loathe. Worth it to me.