As is? No. Come back in a month, I would say. They're working on a great patch that is currently being open beta-tested that will push the game from being mediocre to quite decent.
I would actually say " come back after the first expansion". In a month, the game will start being interesting, but will not be worth 40 bucks in my estimation. There's just so much more to do before it really starts being a really good game, and not just "quite decent".
I'd say 1.1 brings the game from a 6 to a low 8.
By my standards, and the ones of the review magazine I read, It'll bring the game from a 4 to a 6. To get an 8, all aspects of the game need to be developed: magic (not just more spells but more possibilities; there are spells the engine can't just manage yet and that's a shame), quests (right now, it's not exactly Elemental's strong point), tactical battles (1.1 will have a basic, although usable, system. What needs to be done is to make it into a tactically interesting system).
I think February-March is when the game will start becoming a lot more interesting; I can't wait to see it happening, because I still believe in this game.