Got around to playing it two days ago and I've been playing it non-stop since.
Beautiful game. I was expecting it to disapoint at least a little since the high resolution wallpapers have been so polished, but at max settings on my 8800, it really is that gorgeous. Seasonal changes are stunning, and so is some of the landscaping features like rivers and small waterfalls.
Gameplay seems good enough for my tastes as a die-hard Knights & Merchants fan. I've got lot of little nitpicks: seperate serfs or laborers and slightly deeper resource chains may of been prefered, winter is lacking effects right now (eg; footprints), and I'm unsure if there will be more feature depth to diplomacy politics and trading. Little things, however, I emphasize; the type of things you have trouble recalling en masse on the forum but sort of stick out during 4 hour maps.
What it comes down to for me is that it seems to enough village management depth -- both in gameplay and graphics -- to be satisfying, all while wrapped in absolutely gorgeous and mesmerizing graphics.
Likely near the top of my anticipated titles list now. Which doesn't say too much for most folks since I have niche tastes, I'm busy with PC betas, and most of the 'big hits' I'm fine with 'getting around to them whenever'. Still, though, I'm impressed with what I've seen so far. It could always be a little more hard-core, but if the trade-off was getting the big project funds for the game engine from a cautious publisher or whatever, I can be OK with a slight bit of trimming (as long as it's still deep enough) - if not, there's always classic Settlers to fall back on, anyhow.