Yes, the graphics are bad, but you never really play Paradox games for the graphics so it's easy to overlook this fact. The problem though is that this feels like a repeat of EU3, which itself lacked the depth of Victoria 2 and HOI3.
The problems with many Paradox games (annoying AI, out-of-control rebels etc.) are present here as well. These problems definitely hamper the combat of the game, and there isn't much else to look at here. Diplomacy is very straightforward, and the economy isn't anywhere near as detailed as Victoria 2.
It's only 20 dollars, sure, but save your money for EU4.