Can be frustrating at times, but overall, a fulfilling experience.
As far as the strategic map, it can be somewhat frustrating. Enemy armies can seeminly multiply like rabbits, swarming all over your territories unchallenged, raping your land, reducing your productivity until you can finally hire enough mercenaries to send out onto the field of battle. It's very difficult to raise an army of your own, therefore, mercenaries are essential to your success.
In my opinion, Medieval: Total War is a superior game, but I had beaten that game several times before I bought Lords 3, and seeing as how I don't have a powerful computer, Lords 3 was essentially the next logical buy.