Hey now, it's not that much of a bad game - it could be very good, but it's marred by some design flaws.
What I positively like about it is that they've mostly kept the mechanics of the previous two Patricians (so they didn't dumb it down, at least not much), but they made the interface more user-friendly. I especially welcome the progress bar - now I can see just how much I still need to achieve before the next promotion. In Patrician 3, I always felt I was feeling in the dark when it came to the popularity in my home city needed for the next level. Also, I think it's a good idea that now you have to own a certain number of ships, businesses and employees to achieve ever higher ranks.
About the design flaws... One I don't get (what did they think when they decided buy/sell prices should be the same?!), but two are positively frustrating. Of these two, one is your inability to please the prince of the region - sure, you can do their quest, but they appear so rarely that if you miss one, you can more or less count on the prince besieging a town (or even all of the towns in his region), since his goodwill will diminish way before a new quest appears. The other is that they've seemingly tried increasing the difficulty by making random, damaging events all too frequent, especially freezing ports. I know, ports were prone to freezing, especially Northern ones, but if literally half of them froze up in a few weeks' time, I think the Hanseatic Leage would have gone broke way earlier.