Simple question. Complex answers.
Yes/No/Sometimes/Possibly and why.
I will go with sometimes and possibly.
I like the early game. The world is much more diverse and interesting that WOM. However, it ends way to soon. After a little while all the random monsters are dead, the world is populated, and its back to feeling like WOM again. It becomes a slow grind far too soon.
Possibly. The game has good building blocks and has great potential, here is what it still needs:
AI. AI. AI. If this is going to remain a single player game this is top priority. Nothing else on this list matters if the AI can't use it.
Real Faction diversity, its just not there yet. I want empires to play very differently. Kael, look back at FFH. that had astounding diversity and you coming on board for FE was one of the biggest factors in restoring my faith. Where is Barnaxus and the golums? Where are the vampires? Where are the Kuriotates and their super cities? Where are the illians and their terraforming powers? Not that this should be the same world, but it needs the same gameplay diversity.
More interesting city management. I've agonized over city build decisions in civ. I have yet to do that in FE. The buildings are all relatively bland, and you can get all the ones you currently have researched in a relatively short amount of time. Make them more interesting. Make city specialization a real choice, and balance it all with the research rate on the tech tree.
Real unit diversity. Make building units a real choice. I don't want the obvious decision to be just crank out the best armored and equiped unit every time. Make traits unbalanced both on the positive and negative side. Make them powerful, but give them crippling exploitable weaknesses. Make me think about what counters I should be building.
More meaningful terrain. Its come a little ways since E:WOM, but still has a long way to go. I wan't serious terrain bonuses that interact directly with powerful unit traits. I want city management to interact in many more ways with the surrounding map (see a bunch of other posts for suggestions).
Content, Content, Content. I know this will come with time, especially from modders. But the vanilla game has to be good enough to attract the modders in the first place.