Pros:

-Good map although incomplete.
-Ships and naval battles.
-In general graphics are good if you have a suitable machine.
-Diplomacy slightly better but still needs a few touches.
-Very interesting period.

Cons:

-Historical accuracy.
-Steam.
-Bugs.
-Steam.
-CTD's...some of which simply shut down my laptop...but then again its a laptop...I shouldnt complain much about that anyway :).
-Steam.
-Star Forts are most of the times useless, you still go to the capital and reduce it to rubble easily.
-Steam.
-Some very crazy pathfinding.
-Steam.
-Battle sounds could be, imho, much better, with proper fife and drums and cavalrymen could at least shout when charging.
-Steam.
-Crazy campaign map, dragons ate much of 2 continents and completely obliterated the other two.
-Steam.
-Loading times get enervating after a while.
-Steam

Conclusion:

In general I would say the game has a great potential but i find it quite unfinnished.
So, if one can afford it, should go for it hoping that at least CA will make some improvements and I am sure some pretty good Mods will show up.
As for the Steam issue, I still maintain what I have said before about finding ridiculous to have to access to Steam to validate a game bought in a shop.

V.