Yes, their web & mobile client https://riot.im is very polished now. They are also rolling e2e crypto.
The main downside(from my perspective) is that it's a lot of moving parts, and I think I'd be more happy with just irc over tls since I at least know how that works :-)
Out of curiosity: what makes you say Matrix is over-engineered?
Video calls come thanks to WebRTC in browsers, Matrix is just a transport protocol. I think it's quite light.