Well this is an old thread but the game has been out a good while now. I've got to say, I've had a ton of fun with it. Micromanagement is mostly gone aside from things that actually make a difference in terms of strategic choice – common things like rituals can be set to repeat, and tax rates and gemgen items are gone. It's got several new nations compared to Dom3, and more continuously, so it gets more and more worth the price every update. And it's on sale reasonably often too, if you use Steam.
Really though, it depends on what you like. If you want a slow-paced multiplayer fantasy strategy game, Dominions is the king and shows no sign of ever being usurped. You have to be willing to spend up to an hour a day for three months or so, but I've had a great time with it.
If you only ever play single player, then it's true that the game's comparatively underwhelming (and the little bits of micro add up when you're taking more than one turn a day) but that's not what the game is for, and in multiplayer it's, in my opinion, the single best game out there. And I'm not some tourney-chasing multiplayer kid, I only ever played single player stuff before I got into Dominions.