Thanks for the feedback, everyone. Sounds like it definitely was a game to skip back when it was launched. As regards the new update, it appears that remains to be seen.
I've posted a query in the Matrix forums as well. Maybe/hopefully someone there has played the game in the last couple weeks, and will give their thoughts on it.
Yeah, I remember looking at Crown of Glory as well, and that it looked pretty decent. Are the tactical battles any good? I'm admittedly not big on Napoleonic land combat, but the naval warfare aspect has always interested me.