Well, I did finish my game and indeed, it wasn't the fun a victory in civ2 would give me.
First off, as far as I'm concerned the AI is good enough. It doesn't do blatantly stupid things to my untrained eye, and doesn't cheat anymore than I do

In fact while I was pushing for a quick victory, extending my lines a bit too far, it did a very good and unexpected counter offensive. Of course, it didn't matter for the end outcome, but I was pleasantly suprised.
Then, why the victory is not fun: you win more or less by accident. You are building for the space race for instance, and suddenly you get a message you've won. Oh my, I must have completed that last bit this turn.
Similar for domination victories, you are going strong and suddenly halfway a certain opponent you get the message you've won. Oh my, I must have crossed the 60% landcontrol border.
The same for the cultural victory.
It is far more satisfying to win by pressing the spaceship launch button, or by crushing that last city of your opponent. I want to know beforehand that this is the turn I'm going to win, anticipate it. Not the current anticlimax that, oh, it is over?
I also agree with the others about the technlogy pacing of the later game. As Catherine I of course use my cossacks, but thereafter I basically just wait till I have the heavy tanks and stealth bombers. I don't bother with the intermediate units. They are outdated before I can launch an offensive with them.