I like having more choices in the initial startup. The descriptions on some of the options can use a little work, of course, as 'escorts, ale and song' gives as much experience as massed murder. Then again, I'm just nitpicking.
As for suggestions:
Currently the Pathfinding skill is absolutely necessary for early survival. Every city has 20+ sized bandit and mercenary groups regularly travelling at 4-5 speed. These are difficult to avoid when attempting to amass a peasant force.
Suggestion: Either make pathfinder skills a given when creating character, or give the player a way to amass troops within a city. The city should have plenty of peasants to recruit as well, although I don't know if the game can actually support it. The point is, without warning, a new player won't put several points into Pathfinding. GImping a a player without warning or ways to easily fix it is not entirely fair game design. Challenging, yes, but not in a good way.
Another problem is the fiefs are almost not worth managing. In Warband, the enemy AI aggressively burns down every village on a weekly basis. Most buildings take months to build, and weeks to make a difference. Unless the player spends all his time sitting on his villages to ward off enemy lords, the villages will never get very prosperous. On one hand, this is very gritty and challenging, on the other hand, it makes the improvements nearly useless, and players can just ignore it entirely. Ignoring gameplay mechanics because it fails to make a difference is a symptom of a broken system.
Considering the Dark Knights will show up in less than a year, build times of a month, and prosperity gains measured in weeks simply don't make enough of a difference. These mechanics currently only really work if the player wants to play Simcity after taking over most of the world.
Suggestion: Either make the improvements build faster, or make them more effective. The point is to make spending money on improvements be worthwhile.
These are just my opinion, of course.