I liked it quite a bit. At the time, it was one of the best looking games out there. The dynamic lighting in particular made it look quite pretty for an early Voodoo-fueled game. I certainly got lost in the game world, in a good way, and thoroughly enjoyed the game. I recognize how different it is than the others, but it definitely stood on its own merits for me. I both like it and accept it as a KQ game, though admittedly it doesn't quite hold the special place in my heart that the graphic adventures do.
However, I definitely think it could have been better. Even if no elements of the gameplay itself changed, the loading issues were atrocious. That was a major design flaw that never should have made it out the door.