Full disclosure, I haven't personally tried it yet but from what I've read the community seems upset about a few things. This is all from Youtube/Reddit rants.
You have the right idea, basically it's a competitor to Steam. It's not subscription based but it is missing a lot of the features that Steam has. Normally that's fine but when it is buying exclusivity, it's just a ****ty deal for the consumers.
- Epic doesn't currently allow for game reviews, they are supposedly working towards a developer opt-in for allowing reviews on their games page. An example I heard was if an early access developer made an awesome trailer for their game but turns out its nothing like it, that game still gets purchased, moves up the "New and Hot" list, but people have to look off platform for reviews.
- The Epic Launcher requires you to be online to play. Even if you want to play Epic's version of Solitaire, you'll have to be connected to the internet to play regardless of the type of game. For a lot of people that's not a big deal but out in small town Texas, I've gone several days with my internet down on several occasions.
- It's not cloud-based. Best part about Steam is that it is my library of games. I can uninstall and reinstall on any computer, some games even store the save files in the cloud. From what I can tell, the Epic Launcher is just a store and a hub for games that's installed on my computer.
- Apparently there was a "scandal" where the Launcher was snooping around your Steam files and sending your Steam usage info and computer hardware info to a Chinese company. This sounds like it could be extremely shady or not shady at all depending on the context which I don't have.
- Again sounds like paranoia but apparently if you are caught cheating in one game, there is a chance Epic will lock you out of all of your games even single player ones. In some instances I could be ok with this but I mean, I don't know what level of cheating would result in that. Does using a VPN count as cheating? I mod the **** out of Skyrim, Fallout, and even Borderlands, would that count as cheating? What about cheating in game like taking part in a loot farm?
- Probably not relevant to anyone in this thread but the store doesn't convert the costs of games to foreign currency. A bunch of Aussies will end up paying a lot more than we do for the exact same game.
Again, I'm just regurgitating what I've read. Maybe it's fine, I'd imagine with the negative press it'll only get better.