While it still suffers from minor flaws and irritants, this is a solid game that can be enjoyed for hours.
In this game you take control of any nation recognized by the UN, and you lead every aspect of that countries existence. These are broken down into three spheres; Political, Military, and Econonic. While each of these takes a little getting used to, once you get the hang of it you can turn even the weakest of countries into a world power if you have the time and energy for it.
There are some distinct gameplay problems, even after the patch. It seems that if you attack anyone then you become public enemy number one for the entire world, which can be very dangerous at the beginning of the game. It also seems that at times your nation is 'randomly' chosen to be the target of every covert operation on the planet. This is not only annoying, but terribly unrealistic.
My brief experience with multiplayer was a good one. Several friends of mine threw up a server, selected a few nations, allied together, and then went to town. This is a game I would suggest a dedicated server for, since it is a game that tends more towards the long-term play, not an hour or two of multiplayer.
All in all I think this game is very underrated. While it does suffer from a few minor flaws, it is a solid and very enjoyable game.