It's a buggy game, but with little competition in the way of being a medieval life sim/buisness tycoon, well.. Try it.
This game is tremendously buggy.
The closest thing I've seen to news about a patch beyond 1.2 is the announcement of an expansion pack, you'd think they'd want to iron out the bugs in the base product before making one of those, but what do I know? In any case, even with the newest patch you'll come upon a plethora of bugs and glitches. Everything from not being able to get into your own home to sharing the same dynasty in multiplayer due to a synchronization problem in multiplayer which screws with the saved games. When the game does play, it's pretty fun and a decent enough improvement on the original game to warrant a purchase, again, if you can survive a buggy game. It looks okay, it sounds okay and if the bugs during your session are at all forgiving it'll play okay too, but you can't count on that.
Still, with little competition in the 'medieval life sim' market this is your best bet.
Note: I've only rated the game hard due to the unforgiving and random nature of the bugs in this game, which make it hard to contend with.