Bit of thread necromancy here, but I've recently started playing RtW (after having played Steam & Iron for many years), and it deserves far far more attention.
Not only do you fight the battles, but you also design the ships. There is something very satisfying about seeing one of your carefully sculpted designs encounter a similar enemy, and blow it out of the water. There is also a bit of a rush when you meet something that horribly outclasses anything you have, and you need to try to catch up.
The graphics are purely functional, but they work perfectly for the game. It's what's under the hood that really counts.
I'm currently playing a game as Japan, and am embroiled in a war with Germany in 1911. My decision to focus on slower battleships, and only build one BC (that was really more of a slightly overgrown CA) is causing some problems, as the 3 German BCs tend to pop up all over the place while my BBs are still in port. However, lucky torpedo hits from Destroyers can always even the odds...