M&B is an excellent game, though the basic game (Native as it is known as) is very open and a little lacking in the RPG/Strategy side, the combat part is superb, it makes you wonder why nobody else has managed to do mounted combat in any other RPG.
The real strength of M&B comes in it's community support and very active modding, some mods are just graphics changes, some are realism changes, some add or change gameplay features or have new maps and the truely impressive (and there are several) combine all of these. Mods based on the Crusades, 100 Years war, Napoleonic Era, Lord of the Rings, Star Wars and many many more are out there and these add so much to the game filling in what some people might feel is missing, or just adding great fun.