It's one of a very small handful of games that I would recommend wholeheartedly. I've yet to see such an impressive amalgamation of war gaming and the RPG genre, even after all these years. Just don't expect an easy ride.
If you're interested in classic games, especially fantasy and/or strategy games, Lords of Midnight is a must-have. On the other hand, if you are an action gamer whose idea of "old school" is Goldeneye 64, you'll want to give this one a pass.