Heh, I also saw this announced a couple days ago...and I agree with Project X, however I have never played the original I do like the simplicity of Civ III, although probably not quite as simple as the original

I definately like the introduction of hexagonal tiles, I think that's a great improvement.
Looking forward to the game, but probably won't buy it...too short on cash to even buy Supreme Commander 2 so CIV V is probably a ways down my purchase list.