There is a patch that is already done for it, actually. As soon as I finished installling I was able to download and apply a patch.

So far, I have had no problems with it running. There are some weird things now in the AI (units on Explore will not heal themselves if they get damaged), but other than that it's pretty good.

The AI is much better at waging war. They make big stacks that actually do some damage. The city governer has a bit of the stupids, although in some cases it's actually good. It won't let a city continue growing once it gets to health caps if there are no improved food tiles to work, for example. I typically go in every few turns to make sure that the cities haven't gone to seed. Siege weapons can't kill something while on the offensive anymore, but can still kill opponents when defending. The new techs that have been added are mainly for slowing down the early game or adding fun stuff to the end game.

A new patch would be nice, but it's certainly playable without. Plus, you could always just pop in your Warlords disk and play that instead.