I mean the beauty of versatility is that once you have done a Fight action, you are no longer in combat if you are not in base contact, so you can still make a Shoot if you have actions left, or the other way around.
Can't help myself, I'm not sure that's legit RAW or RAI. Versatile N23 p317:
"The wielder of a Versatile weapon does not need to be in base contact with an enemy model in order to engage them in melee during their activation.
They may engage and make close combat attacks against an enemy model during their activation, so long as the distance between their base and that of the enemy model is equal to or less than the distance shown for the Versatile weapon's Long range characteristic. For example, a fighter armed with a Versatile weapon with a Long range of 2" may engage an enemy model that is up to 2" away.
The enemy model is considered to be engaged, but may not in turn be Engaging the fighter armed with the Versatile weapon unless they too are armed with a Versatile weapon, and so may not be able to make Reaction attacks.
At all other times other than during this fighter's activation, Versatile has no effect."
I see how you've reached your above interpretation of this, but the way I read it nothing says that the Versatile-armed attacker is not still Engaging his opponent if after performing a Versatile Fight (Simple) action his opponent is still standing, and thus free to perform any other actions available to a Standing+Active fighter rather than only those allowed to a Standing+Engaged fighter, just that said opponent IS STILL (my interpretation/emphasis) "considered to be engaged, but may not in turn be Engaging the fighter armed with the Versatile weapon unless they too are armed with a Versatile weapon , and so may not be able to make Reaction attacks."
As I read that, the only 'beauty of Versatility' is that you can perform melee attacks via a Fight (Basic) action rather than solely by a Charge (Double) action if already positioned correctly, and that your opponent can't perform Reaction attacks unless also armed with Versatile, not that your Engaging status only lasts for the one Fight action and just expires and reverts to Active status even though you're still standing in the 2" Engagement range you've just happily swung your stick in without fear of immediate reprisal.
I'd say if you use your first action to hit a guy with your long stick and fail to drop him, you are still 'in combat' i.e. Engaging with him even if he can't reach to hit you back just yet, and should not be free to switch to 'not-engaged-anymore-so-i can-shoot-him-in-the-face-before-he-gets-close-enough-to-fight-back'. The quoted text talks about the the Versatile trait's effects "during the fighter's activation", not broken down into individual actions, and so overall my instinct would be that if you Engage via Versatile you remain Engaged on your part until your target's dead or someone retreats out of the Versatile range or the end of your activation. Same goes for cases where you find yourself in 2" of an enemy at the start of your activation but declare you're not subject to Engaged-via-Versatile Status until your second action cos you want to sneak a shot to the face in before swinging your stick.
I may be wrong, confused, or not considering other relevant factors, but my shenanigans radar is pinging.
Bloody Versatile, derailing threads since M2.47563!%£%£%@...
