I don't know about anyone else, but I personally am seeing a game that I can play and enjoy right now. The new underground is nine kinds of fantastic, a whole bunch of stuff has been fine-tuned and optimized, the SDL-powered interface has unlocked massive potential and already delivered several neat features, and basically DF is cooler than ever.
That said, I am running into two problems, only the first of which is clearly being addressed:
1) The military system is extremely cumbersome. Sure, you can do great things with it, but what I mostly want to do is simple stuff - get dwarves to train reliably, see them usually picking suitable weapons and armor for training and war without having their hands held or taking so long that enemies rampage through the fort while they re-equip, make them return to civilian work, or rally troops and particular civilians as needed to combat a threat. The 40d system accomplished three out of four of these things. However, at present, doing these things is very tedious, highly confusing, and doesn't always work. Too many things have to cooperate perfectly for something good to happen. A couple of examples: While the demonstrations and drills used in training are way cool, my dwarves spend inordinate amounts of time waiting for something to happen (which it may not, even if I let them waste months of game time) meanwhile gaining no skills. Also, when ordered to attack something, a group of dwarves tends in my experience to mostly stand near the target, watching one dwarf fight it. In short, it's hard to know when something isn't working because the player skipped one of the many required steps, or because the game doesn't have that feature polished yet.
2) More generally, I'm seeing a worrying increase in the sort of complexity that, instead of making the game cooler and more fun, makes it more confusing and unfriendly. Item properties are a particular beef of mine. I have no clue how to do anything with the following numbers, understand what they affect in game, or determine what values will accomplish which result.
[MOLAR_MASS:64000]
[IMPACT_YIELD:1080000]
[IMPACT_FRACTURE:1080000]
[IMPACT_ELASTICITY:600]
[COMPRESSIVE_YIELD:1080000]
[COMPRESSIVE_FRACTURE:1080000]
[COMPRESSIVE_ELASTICITY:600]
[TENSILE_YIELD:200000]
[TENSILE_FRACTURE:550000]
[TENSILE_ELASTICITY:124] 110
[TORSION_YIELD:200000]
[TORSION_FRACTURE:550000]
[TORSION_ELASTICITY:200]
[SHEAR_YIELD:200000]
[SHEAR_FRACTURE:550000]
[SHEAR_ELASTICITY:200]
[BENDING_YIELD:200000]
[BENDING_FRACTURE:550000]
[BENDING_ELASTICITY:124]
[MAX_EDGE:10000]