I got my copy early.. and this game is EXCITE!
I've been playing it for the past five hours and it's really great, plays like the original.
You start in an area with some islands which all have different attributes. Some have vulcanos on it, some have mines where you can get jewels and so on. Also every island has a certain vegetation so that some of the plants you can grow will thrive well there and others don't. The trade routes between your islands are automated, so you don't have to take care of it yourself. Just populate different islands and use their characteristics to fulfill the wishes of your citizens.
The battles are a bit downgraded compared to the PC versions.. there are no different units, just soldiers. And the battles are automated. You just send a number of soldiers into a building where a certain number of enemy soldiers is waiting for you. If you upgrade your soldiers of course there's a better chance to win a battle with less manpower. Since I didn't really care about the fighting system of the original, I don't mind.
The graphics are good, even when zoomed out. Touchscreen control is almost perfect, building paths and so on is working flawless. What sucks a bit is that you cannot use the d-pad or the L and R button to rotate.. I even think you cannot rotate the map at all. At least I haven't found out how yet. It's possible to map functions like building certain buildings to the buttons though.
I haven't tried the free play mode yet, just the campaign.. but it's great so far. Everyone who is into this kind of building games should definitely give it a try!