No, i think the real issue is content. Every nation does the same thing, kingdom and empire may have different names for the things they do, but they are basically the same. All troops have the same feel, only difference is the amount of attack and def, no real differences in use or ability. Same with champs, they all feel the same, like slightly upgraded troops. Lots of interesting spells, but only like 5 or so are useful. Quests are all the same too.
I'm going to let you in on a dirty little secret. Gal Civ II, ultimately, is the same way. It's the kind of games Stardock makes. I'm not saying they make bland games, that's subjective. But in Gal Civ II, the races felt a little indistinct too. You hit the tech wall where the next upgrade was "just another couple of attack points/defense points". You hit the empire wall where you "didn't really need another Mining Base/Star Base/Planet/Fleet."
And honestly, the AI didn't feel all that much different in Gal Civ II. You know what's funny? The last game of Gal Civ II, I quit when I found out that the biggest AI player in the Galaxy, who I had ground down to just his home planet, was a massive world with huge pop built on....RESEARCH LABS! Sound familiar?
I guess my point is...while some of the content is off, much of it is exactly what Stardock delivers. Whether you like it or not is up to you. The quests are simple. That's their problem. There aren't enough of them. Anything is bland once you play it 30 times over.
It is up to Stardock where they can call it good. I can't say I didn't enjoy my first fling with Gal Civ II. I can't say I haven't had some good moments of 4x gaming with Elemental, despite all the problems. Once things are finally bug free, and the AI is up to snuff, Elemental will basically be exactly where Gal Civ II is now. Fun, for a while, moddable, a little generic. It's up to Stardock if that's where they want to leave off. It very well may be.
There also should be well thought out tech trees to support different strategies and counter others. If fractions (human player or A.I. personality) are playing the isolationist, give them techs to compensate their lack of terrain and ressources to some degree. Warmongers on the other hand should be able (and somehow enforced) to concentrate on offensive techs, but maintaining strong invasion forces should eat up most of the additional ressources they conquer, so their progress in research and infrastructure would suffer.
This is there. Were you around for 1.0? There was a time when you had to race every AI to as many food spawns as you could, and the minute they met you, they declared war and started marching armies toward you. It wasn't grossly hard, but it happened pretty frequently and boom, that was the end of your game.
The game supports tons of strategies. The challenges to those strategies, based on a lot of balance factors, aren't there yet or aren't balanced. But I think you're not giving the game its due if you don't even see it. Case in point: you can research a lot techs as many times as you need to, to get the benefits you need to achieve your game play goals, despite what kind of empire you've got. Yet it takes you progessively longer to get the same return on your research. And to do the research, you need to allocate A LOT of space to it.