I played a short while last night, and I will comment that the update vastly increased my AI turn speed, making it playable...(at least). The rest of my complaints hold. It seems people with various systems have totally different issues with graphics. Mine are mediocre at best (not as good as Shogun II). I'll keep it, as with all Total War games it will likely eventually be "okay"...failing that, some mods will fix it or make it worthwhile.
As a whole though, I concur - failure for CA/Sega.