Yeah, seriously. I've got 57 hours in so far - and I've never even formed a kingdom yet.* Pretty much just hunting bandits, doing tournies, and deciding to start over to try a different play style. Rinse, repeat. I've enjoyed it a lot. The same sort of meditative feeling the original M&B gave me.
I also remember original M&B back when it was just 2 factions, and Black Knights were the most terrifying encounter all over the place. The game will change, it'll get better. In a few months it probably will be barely recognizable.
EDIT: * Let alone use a mod! Or play MP.