ETW is FAR from horrible. It's the best TW game in the series. It doesn't have the atmosphere of STW (nothing has match that game in that regard), but has the best graphics, tools, tooltips, etc. in the series. It also includes lots of new features and insight into the inner workings that any previous TW game.
I find it quite fun and regularly spend at least a couple hours a day playing.
On strategy difficulty, I said medium. The way I read your question, you didn't ask about game difficulty (because that can change based on your settings) but rather how difficult it can be to make long-term (strategic) decisions. I find I am often weighing the pros and cons of something that's good in the short term but not so good in the long term (like high tax rates that bring in more money now but retard asset value and population growth, and thus tax revenue, over the long run) vs. things that are sacrifices in the short term but beneficial over the long run.
I'd say it's harder than Age of Empires and Civilization strategically, but easier than Europa Universalis.
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