If you asking whether its fun then I would have to say a resounding yes. There are few other games which allow you as much control over your nation than TW. Rome was the series big breakthrough and it is really easy to pick up and learn but difficult to master. The tutorial is short but detailed enough for you to get the basics and there are in-game hints which are actually helpful. In short, you won't be lost for very long. Learning tactics and strategy takes longer to master but that is where the real charm of the game lies.
The best part about the it is the user-made mods. These range from just tweaking a few mechanics to a complete conversion and the community is still active today which means even if you're not an expert you can still install them. There is a conversion to TLOTR which is excellent as well as modifications which expand the game map and add more nations. In short, this is a game where you will log hundreds of hours and still have room for more.

Rome and Medieval II are those games I can't stop uninstalling and reinstalling later to play again. They are THAT good and eat up a lot of time IRL. Never liked the TW games after that though.

BTW even if you get huge populations it doesn't automatically mean riots. You can lower taxes, place a good governor, increase the garrison etc etc..I mean, imagine L.A. with a KKK mayor or no mayor or police force...you'd have riots lol, its pretty realistic.

If you get the expansion pack with it, I would recommend taking a look at the mod site for some fantastic mods.
http://www.twcenter.net/forums/forumdisplay.php?f=556

P.S. I forgot to mention that it is probably a smart idea to start without mods first