I solved the "catastrophic error" (
http://forums.civfanatics.com/showpost.php?p=3361371&postcount=164) issue by installing the game to the default directory C:\Program Files\Firaxis Games\Sid Meier's Civilization 4 (previously it was installed on different drive).
Hopefully, it can help somebody.
Considering the fact, that non-patched version ran pretty smoothly (standart map size) on my antique hardware (p4 2.4, 256ram, gf4 mx440) couldn't notice some major performance improvements. On the contrary, looks like movies are choppier than before, but who cares?! With my video card I have to turn them off anyway

.
Bottom line: I'm quite happy, since I see hammers and coins, so good luck to everybody and happy civing!