When I first started playing I was thoroughly unimpressed. In fact I hated it. I couldn't help comparing it to G2 and was on the verge of shelving it indefinately. But I gave it a chance and eventually really got into it. It took a while but now I'm really enjoying it, even though I do have a few complaints.
My biggest complaint is there's no anti-aliasing, as amazing as that is. I also don't like the combat system. The problem is whenever someone is hit they recoil, and they can't take any action while they're recoiling. So nine times out of ten whoever hits first and fastest wins. So fighting comes down to clicking rapidly at the target until they die. There are other moves you can do, but if you try anything fancy you'll probably just immediately die. Parrying's pointless, and therefore so are shields.
Some of the details, like the heroe's face and many of the armour suits and weapons, leave a lot to be desired. In my opinion most of the armour looks stupid too. How I miss the cool merc armour from the other games.
Big improvements are the inventory and character sheets, the dialog box and the journal. They actually look attractive this time as well as being functional.
There's lots of exploring to be done and loads of quests. The music's nice too, if a bit repetitive.
So it's good, but not as good as G1 or 2. Just give it time and try to judge it on it's own merits and I'm sure you'll like it.
One technical tip: I suggest turning mouse smoothing on the X axis right down to stop the sluggish way the camera swings around.