I'm just going to second everyone above on what is good. I love that there's so much to do in Adventurer Mode, and the zoomed-in travel map really gets you close to the lay of the land and the cities. I love walking into a city and seeing it sprawl all around me.
The ugly:
I'm going to have to second the above opinions on the shops. Currently, only two or three kinds of shops matter to the player: weapon, armor, and food shops. Food shops are all right, but the weapon and armor shops are seriously problematic. On the off chance that they do contain goods (possible but rare), most of them are very low quality, and are of really no use to the player, compared to the decent-quality armor and weapons that are just lying around in castle keeps.
The loot in the dungeons isn't currently very exciting at the moment: mostly it tends to be a bunch of gems (sells for a lot of money, but money isn't worth much due to the above issue) and crappy copper and silver weapons and armor. It ends up encouraging me to start characters with blunt weapons more often, since copper and silver are actually good for blunt weapons. I would appreciate a wider variety of loot in the underground.
About castle dungeons: It doesn't really make sense to me that bandits and baddies would be hiding out under there. The space in the basement is large, but finite; I never understood why the soldiers living in the castle above make no effort to eradicate the outlaws down there, or how they even got in there in the first place. It's just a personal flavor/immersion issue.
It's good to have werecreatures in the game, but I feel that there are too many quests to go kill a werecreature, and that these quests are drowning out the other types. Moreover, they're almost never in their beast form when I go to kill them, so it invariably ends up a matter of squishing some harmless naked peasant, even for lawgiver-level quests. These are disappointing quests at the moment, and it'd be nice to see them improved.