FrenziedAU: I have a differing opinion - I really liked Mount & Blade, and feel that the enhancements in Warband are a big improvement. I don't think it's worth the full price, but if you can get it on sale (I got it through gamersgate during their sale a month or so back), I'd say go for it.
Well I think I went off on a limb by saying it's a scam. It has its merits, especially if you do manage to get multiplayer hosting working. With singleplayer, it is a disappointment, as many features are broken/unpolished.
I got it off a sale (the same one that you did I think), so I didn't really regret my purchase. For all its turds, it still remains a very fun medieval combat simulator. But I'm swearing off my good faith in Taleworlds and will proceed with caution the next time I buy a product from them.