Well, disappointment - yes, 'flop' - no.
Its like the only game I actually waited to be released in second part of the year (first was dedicated to waiting for DF 2010), and was following dev journal for a while. Brad's posts tricked me into believing that EWoM would be most awesome fantasy 4X to the date, and, well, it wasn't.
Altho I don't think game is dead yet. There's still a chance that expansions will hit the FUN spot and become something worth playing over and over. Plus there's a chance they will implement proper modding support with ability to override game mechanics and implement custom AI, so I could make it fun for myself.