This is sort of where I am. Civ IV's system was really bad. Civ V's will be better I think. That said, while the Panzer General style system is an improvement, it wasn't really what I wanted. I more wanted to accept the SOD and actually make it work, by implementing a reasonable army system. I think a system like EU3 for example would work well in Civ. My concern is that the PG style system will be too tactical, and draw too much attention away from the economic and social aspects of Civ.
Civ covers 6000 years, coming up with a system that works over that entire range is a problem. An army system makes sense up until about 1900, but after that you have fronts. Civ V's system makes sense for the last 100 years or so, but doesn't make sense for the first 5900. There is no perfect solution, unless you fundamentally change combat mechanics in the 20th century.