Read Sulla's article. Not played the big patch yet but I got a good impression of what to expect. Now follows my Civ5 Final Analysis.
First a small intro
I played all Civ games (more Civ3 and Civ4). I consider Civ4 BTS the best game I've ever played.
What is really different in Civ5?
Apart from some details, different interface and different graphics what is really different in Civ5?
Answer: 1UPT and city states.
I agree with Sulla's point that while the 1UPT was a good idea at first it may have been the downfall of the entire game. Because as he explained everything seems to derive from that central design decision, and things didn't worked quite well. City states are a good addition (good job!).
Now, what made the game less fun for me
Although there are many minor issues I could point out about the game I will only address the major issues, since there are as many other minor positive issues that help balance the bad. The major issues I have with the game are:
1. Global Happiness
I didn't liked it from the start. Its not intuitive. Why does a Coliseum built in a city influences my entire empire happiness status. I liked to micromanage happiness in cities in Civ4, it added depth and more things to do.
2. Long building times, tech advances too quickly
I always played Epic in Civ4, now I always play Standard in Civ5 and even there I feel things take too much time to build. I tend NOT to build many structures (ever). In the other hand tech advance is faster now. The result is an unbalanced pace of building stuff vs tech advancement. This seems to derive from 1UPT.
3. Diplomacy problems
I will not bother to enumerate diplomacy problems as these have been addressed in tons of threads. I will just say that Diplomacy and AI behaviour feels erratic. I don't know if that is more realistic, it is just not fun. I can't believe the game passed play testing without any one saying "Hey .. diplomacy seems a bit awkward".
Now the biggest problem for me:
4. Nothing to do (boredom).
They removed random events, increased building times, removed local happiness management, removed tech trading, removed religion, removed espionage, removed health, foreign trade and map trading. What are we supposed to do between turns?
Conclusion
I'm not afraid to say it. I would prefer Civ5 to have been Civ4 BTS with better graphics, improved MP and improved performance (I can never seem to be able to play a huge map civ game with many civs).
In the process they could have improved the AI, provided more civilizations, improved diplomacy, solve the suicidal siege attacks, provide campaigns, etc etc.
Next time please hire a renowned game designer (if Sid cannot do it himself) to lead the design team and hire mod creaters, play testers and fans only as consultants and developers, not as design leaders.
Overall, and this is not a suprise to anyone, Civ5 is a worse game than Civ4 BTS.