If you compare Civ5 to Civ4 + expansions this is surely the case.
But, in my opinion, you should compare it to valilla Civ4.
Let's remove from Civ4: Great Generals, Unique Buildings, Vassals, Colonies, Espionage, Corporations, Random Events (plus many units types, techs, buildings and wonders). I'm sure the comparison would be a little more fair (Civ5 would still lack something though).