I think I've only played 4 or 5 times, now.
I rate the rules highly. They are not very complicated, although they might appear so at first glance, and make for a very interesting game because of the command checks. You cannot rely on troops to do what you want when you want it. As a result, you are forced to accomodate your battle plan to the situation as it develops. The game plays fairly quickly and you get to roll lots of dice, which adds up to a good time in my book.
The chief concern I hear is that it does not adequately portray historical ancient battles. The problem with that crtitique is that probably no game system does so, and our knowledge of how an actual ancient battle went down is rather limited. I think that the system does a fine job of conveying the overall "feel" of a battle even if you might get wrapped up in the details if you think about it too hard!
One other point is that I find collecting a 1000 point Warmaster Ancients army to be fairly cheap, if you use Old Glory's discount, and also fairly quick to paint. I've finished both Gallic and Persian 1000 point armies since late July.
I recommend giving it a try and seeing for yourself. The Warmaster Ancients group has printable paper units you can use to proxy the game, so that's a cheap way to see if it's your cup of tea.