Its got some good mechanics, population growth and conflict resolution, but then it has some really bad mechanics. The random catastrophes are ridiculous. The sheer volume of bookkeeping (cost reductions, population each and every round) is absurd. The trading is nice, but very very slow (requires a timer). Its like watching baseball AND manually recording the baseball statistics AND having someone occassionally spill beer on your stats sheet. Ultimately there is LOTS of downtime.
That said, given a choice between N games of Munchkin or 1 game of Advanced Civilization, I would choose the N games of Munchkin, although realistically this choice will never occur.