Finally had some time to play, and though I've only seen (what I hope is) early game gameplay, it's enough to make me vote: Fair.
It's an okay game really, and if this was the first beta with still at least a year until release I'd vote excellent. But having followed this game's development since way before WoM's first beta, and seeing how some (including Frogboy if I read his posts correctly) seem to think the game is nearly ready to be released, I'm not so sure it's going to be the instant classic some seem to think it will be. I'll clarify which major aspects trouble me.
Pacing; Just seems off. The only sense of urgency I'm getting is the constant pressure to spam as many pioneers as possible, if you don't the whole world is soon covered with AI towns and outposts. Not only isn't this any fun, there's no strategy involved either. It also kills any sense of immersion ("So, we're a ragtag gang of post-apocalyptic survivors that has rallied around a powerful leader, hoping that by working together we can rebuild civilization. What should we do first?" "I know, lets split up again and try to occupy as much land as possible, that way we'll be unbeatable!").
And at other times it seems like there is nothing else to do but press enter over and over again ("Yay, only twelve more turns until my defender unit is build, and only six turns after that I'll have a food surplus so my town can start growing again.") If you're out exploring with one or two stacks it almost seems like you're playing a very slow RTS rather than a TBS game.
Cities; still lack character. This has improved a bit with the split into three different types, which is nice and could be a good mechanic with a bit more differentiation. But it feels like the only thing that really sets one city apart from the other is it's tile yield. One or two cities will have relatively good production, and a few will be absolute shit-holes (but still worth more than not building it), and that's about as much character as they get.
Scale; again, just seems off. You are rebuilding a civilization, but your civilization will probably only have 6 or 7 'cities'. There are only a few hundred people living in these cities, and yet you are dealing with unrest percentages by building prisons and temples (which seems a bit silly to me, when people would almost be on a first name basis in towns that small). Wars are being fought that destroy kingdoms, yet most battles are fought with maybe 50 guys on each side. Equipping a single soldier with some basic metal armor and weapons takes several years worth of a single iron mine's output. Etc, etc...
Magic; has been commented on by many others. It is mostly functional, but lacks a certain something to make it seem really magical. Mabye playing with a more magic oriented sov and civ would change my mind a bit, but I doubt it.
There's also quite a list of minor annoyances; things like enemy stacks hiding underneath other stacks, friendly units blocking movement, unpredictable monsters, UI issues, etc. A lot of these things could be fixed in the polish beta, but as some of these things have been around for ages I'm sure quite a few will slip through.
I don't want to be all negative though, there are a lot of things I like about this game. I just wish a lot of these imho fundamental areas were nailed down a lot better than they are.