Really, it's a remake of the first Tropico, which is great, but would be better with more new options.
If you're new to the series, though, this game will probably destroy 40 hours of your life, easy. It's surprisingly addictive.
Online features would have been great too, but I can see how the developers my not have wanted to mess with perfection. It's a very balanced game in terms of economic structure, and the detailed reports will have you streamlining production on your island to make more profit. You'll also become a political mastermind on your island, learning how the people react to your decisions, you can manipulate their minds and get them to vote for you. It's freaking awesome, but now that I think about it, this game is kind of evil.
Maybe Tropico 4 will get it right, if there is one.