Cool game. I feel like you guys have made some nice progress so far. Here are the answers to your questions:
How "random" does each version of the randomly generated world feel?
Honestly, not that random. Don't get me wrong, the fact that you guys implemented random world generation at all is awesome. However, I don't feel like there's enough unique landmarks to make it really feel special. The best way I can describe it is if you made a Minecraft world, but only with the Forest biome and nothing else. Yes, technically it's random, but it's all the same so nothing generated really feels too unique. The only unique thing I found was a tower with some boxes.
Does the world present a challenge to navigate or explore?
The world wasn't too challenging to explore. It's pretty easy to get around. The only obstacle I really encountered was finding a place to cross the river.
Does the Blood Bear feel challenging to fight, especially the first time?
For me, not really. I killed it on my first play through. I just circled it and spammed arrows until it died. I think it would be cooler if it charged at you and you had to sidestep it in order to not take damage, or something along those lines.
Do the theme and genera of the game match the art presented?
I think the theming is great. The forest-y pixel art with the medieval music. It all matches pretty well.
Did combat feel good and enjoyable? Did the AI feel "intelligent"?
Combat felt alright. Obviously there's just one attack so far, so it's very simple. I know you're planning on adding a melee attack, and I feel like that will add a lot more depth and variety to the combat. The only weird thing I noticed is that whenever I hit an animal (rabbit or bear), the fire rate of my bow seemed to be way higher than if I missed. I'm assuming this is because the game waits for the current arrow to despawn before letting the player fire another, and you make the arrow despawn faster by hitting an animal. I'd maybe suggest making it a static timer instead, so that firing arrows feels more consistent whether you hit an animal or not.
Did you encounter errors while playing? If so what were they?
I guess the only two "bugs" I noticed are the arrows appearing sideways, and the shooting animation playing after the arrow has already been fired. But you probably know about that already. Also you're taken to the same "Game Over" screen whether you kill the bear or not, which makes me feel like I always lost.