What's bumming me:
The kingdom management gets tedious. I can't ever seem to catch up on training (even with 7 day training) and picking which advisor should do what just isn't that interesting. Building the buildings is fine but, compared to what all those events are doing to your stats, the buildings are pretty small pickings.
Ironically enough - the pathfinding needs serious help. If you try to attack an enemy in a crowd, you might just run up to a good spot and attack. Or you might run around in circles, trying to find an opening. Sometimes that's just funny to watch but, if you get close to an enemy, you can get hit with an opportunity attack. You can take some pretty awful damage at times.
Some of the mechanics are pretty opaque. Every time I think I understand the rules on sneak attack, for instance, I'll have one not count for no reason I can fathom.
Music is good but there' not nearly enough of it (something I've started calling "The Tropico Syndrome"). Or perhaps it's just a little too engaging? At any rate, it starts out great but I eventually have to turn the volume on it WAY down because of the constant repetition. The music at the Rushlight festival was particularly bad with just two short songs repeating over and over and over.
Remember how Dragon Age 2 re-used maps? You ain't seen nothin' yet.
But, as others say, there's certainly lots to like as well. The combat (with the turn based mod) is great fun, there's lots of tactics to pick from, you pick up new skills/spells/abilities to explore often enough to keep the game interesting, and it's got some unique ideas for exploring the realm. I certainly don't regret playing it but I'm not seeing the "OMG awesome!" that others are getting.
P.S. Except the new rug at the tavern. That was awesome!