K&M belongs to the small but satisfying genre blending townbuilding and combat, of which Stronghold is the most known. This title cannot escape comparisons to its more modern counterpart, and unfortunately it simply doesn't come close.
The economy is interesting, even a little broader than Stronghold, and watching your villagers go about their business is enthralling. The dated graphics are surprisingly good, with detailed 2D towns, less cutesy than Settlers but still charming. This aspect of the game is great, and would be worth the price of entry alone. The only flaw is the effect of limited space on your town, which leads to cramped and bizarrely unrealistic layouts.
Sadly, what would be a pleasant sandbox game is rendered effectively unplayable by the combat system. Combat is always these games' weak point, but here it is so fiddly and frustrating that it actively prevents you from completing levels. Some nice ideas, like formations, are trampled by awful pathfinding, clumsy melee and the insane feature in which archers have to be 'aimed' at opponents; but since they only turn in large increments, whole ranks of enemies walk happily into your lines. Unacceptably un-fun; and since in K&M resources are limited, even one such unfair defeat leaves you no further chances.
I want to recommend this, since it is full of heart and charm, but the truth is that Stronghold is a far better way to scratch the pikes-and-peasants craving.