"See our Total War: Shogun 2 text review here." Orly?
OT: I have the game, and I like it -- in small doses. It really seems more designed for the piecemeal play style than the classic Sims games, and the mission style seems to support this. Especially since you only get a limited number of points to use for quests, and when they're all gone, the only thing you can really do is to start a new world (in the same setting) with a different cast of characters. Of course, that's when the Ambition thing kicks in -- you're supposed to pick a different Ambition each time, so that you end up doing things quite differently in subsequent playthroughs.
And yes, the trait system is quite different from TS3. It's actually an interesting departure, forcing you to choose a flaw to complicate the lives of your sims (although you can transform that into a positive trait via certain quests).
Whether people will like it depends on what they liked about the other Sims games. This one has none of the building aspects (all the buildings come fully-formed; you can't move walls around or add rooms or anything) and somewhat limited furniture placement options (while there's quite a few things that can be placed, it hardly seems worth it a lot of the time; buildings come furnished with the essentials anyway), but the Live mode is essentially the same, with most of the same Sim-to-Sim interactions as in other games.
But ultimately you can't get too attached to the characters, since you can only play them while on a quest, and there's an invisible timer running all the time while on a quest (if you take too long to complete it then your Sims start to lose focus -- though there's usually still quite a bit of "screwing around" margin), and when you run out of quest points there's not much more you can do with those characters. (Apparently, finishing the first ambition will unlock a "free time" quest which relaxes these restrictions, but it also removes the daily tasks, which help define and differentiate the characters' roles in the first place.)
So, I don't regret buying it, it's still a lot of fun, but some people might want to wait for a price drop before joining in. And people who prefer a fully open sandbox rather than a more directed experience might want to steer clear.
I'm not really sure why there are so many complaints about the camera, though. Sure, it's a bit limiting when you're in the "inside view" to not have full rotation, but outside in the world you can pan, zoom, and rotate to whatever level you feel like, just like the other games.