Personally I love the game, from 1.01 and now into 1.05. Yes, the UI has a lot of room for improvement. Yes I have minor stability issues. (I occasionally have to alt-tab out and alt-tab back in to clear up little graphical oddities). Yes, the strategic spells could be more epic. But the bottom line is that I love the game as is. Fixing the things I mentioned will make it better, but its worth it right now IMHO.
I find the AI to be pretty competent at the 'challenging' difficulty level, which makes the diplomacy very fun,
which is a strong point for me. AI can often suck in these kinds of games.
I love the economic stuff, resources, etc, basically I love they way they have implemented all the usual 4x stuff. I really like the tactical battles to, strikes a good balance between complexity/depth and ease-of-play IMHO. Sure, the tactical battles could be more hard-core, but I don't want to spend an hour every time I have a battle. Good balance here IMHO.
** My biggest request for a UI enhancement would be a more robust 'foreign relations' screen. Where it shows the other players, I'd like too see my alliances and treaties and whatnot at a glance, instead of having to drill into each one to see that info. Also to see how each player is relating to the other, like in civ 4.
Overall I'm enjoying Elemental 1.05 more than civ 4, which is not something I would say lightly since I love me some civ.