The game has a lot of features not enabled or not yet fully finished. Makes sense (well, to me at least) to first deal with these, finish what is started or half baked, and then move on to new content. For example: rebellions are in the game, just not enabled (I have enabled it on my own game with a mod). Or workshops have levels, and could level up, but the UI for it is not there yet. Peace and war declaration was in the game, but the UI was missing, only accessible from conversations - they have just added the UI in e1.4.1.
During creating mods I have seen that the game is incredibly complex and has many-many (hidden, or not so obvious) features and incredible complexity. I didn't play Warband, so I can't compare it to that one, but this one sure seems like a very deep and complex game already.
It is however not yet ready. (And it is clearly stated as such officially.)
I'm I frustrated by missing "basic" features, bad AI, missing perks, bugs in the dozens? Of course I am! Still I have played with the game for many-many hours and enjoyed it much.
The team puts out patches almost daily, certainly weekly at the moment. This gives me hope that this will be finished, and it will be a great game. Not tomorrow, not in 2 or 3 month, but less then a year now. That list seems to be a short-to-mid term list anyway, as some parts of it are already on the beta after only days of the list got published.
Have a bit of a patience and hope for now.