I hate to admit that I share the feeling of the game feeling a bit boring.
I mostly enjoy the gameplay mechanics (except for the city tile building), but many aspects of the game lack epicness:
1) Improvements are boring. I hate building up the cities because I don't really understand what is good and what is not. I hate that I get no message when an improvement is complete and I get no satisfaction for completing a building. For contrast, even building a granary in Civilization games seemed cool as the game stops and points out "hey, you just built a granary here!", and you get the saw & hammer sound effect and everything. Somehow, building stuff doesn't seem like an achievement, it's seems like adding a line in a spreadsheet.
2) Finding rare items seems indistinguishable from finding common items. I love the idea of unique loot. The gameplay system is great. BUT! I hate that all the epic stuff I find just appears in my inventory and I equip it and carry on playing. I wish there was some sort of a fanfare or something else making me feel awesome when I find that magic sword.
3) Finishing quests are not rewarding enough. I want to feel great when I escort the noble into her estate. I need graphics that shows the girl reaching his dad or being taken by the thieves. Or some kind of sound effect, or something. I want this stuff to matter. Now it's just a decision to maximize my profit, and I don't give two shits about what the quest was actually about. Something is missing, and I'm sorry that I can't be more precise than this.
4) Tactical battles are great presentation-wise. This is one part that doesn't need improvements. The gameplay mechanics need some improvement to make tactical battles more interesting, but the presentation is excellent. EXCEPT! The battle ending screen could use some soul. It lacks something. The experience gained could be displayed somehow more interesting. Maybe a sword that fills up as you get closer to a level or something. You know, more soul.
I need to go eat so I don't have time to write more examples, but other places in the game need this kind of polish too. Now let me stress out: THE GAME IS REALLY GOOD FOR THE MOST PARTS! But it needs more soul. It has infinite times more soul than WoM, but it still needs to go that extra yard.
In short: Presentation, presentation, presentation.