Almost there, but not quite. The bugs are holding it back, but it's still a good game.
The only drawbacks to the game are there are some bugs that *can* hamper your gameplay a bit. For instance, there seems to be a giant iron shortage in late game which can really bring your nation to a halt (if your not playing a great power - even then it may slow a bit). On top of that, there are rebellion problems in late game as well. From what the developers on the Paradox forums are saying, is that they are looking into it, so on the bright side it is very likely that those issues will be addressed relatively soon.
I'm giving this game a solid 8.0/10, and if the bugs and gameplay issues were fixed I would give this a solid 8.5/10. The game itself is a lot of fun, and it gives you a refreshing feeling of playing something different than what the mainstream video game market provides. The game is easier to get into than the original Victoria, yet it may intimidate some people who are new to the genre due to it's size and complexity. On the bright side, due to it's depth and complexity it has a lot of replay value.
Will you take a uncivilized nation and turn it into a great power of the 19th century? Only time will tell!