I too have the same question. I loved GalCiv, Sins, and the AoW/HOMM series (I never played Master of magic); this is my genre, and I have worshiped the ground on which Stardock walks to this point. After seeing some gameplay videos I've been rather underwhelmed with the graphics and visual elements of the gameplay: for example, the worlds do not look nearly as rich and detailed as those in HOMM-V and AoW Shadow Magic, despite those games being far older. Add that to what is evidently a large number of bugs and I'm not sure I want to buy this just yet.
I gave it a while after release to scope it out; now that we're on 1.07, is the game relatively stable and enjoyable? I know I'm going to buy this game at some point, I'm just not sure whether I should do it now, or spend my money on something else and buy this in a month (or six--sounds like things are pretty rough right now).
Also--how much of the negative backlash would you say is related to 1) the game just not living up to inflated expectations or 2) people playing versions they got when the release date was broken before the early patches?