The updated version of Gothic 3 is pretty much a different game. If you were a fan of the series, or like the genre, you should check it out.
Indeed. And make sure to check with World of Gothic for the latest community patch; they were shipping Gothic 3 with the 1.6 patch and last I played they were up to 1.74 or so. Added a bunch of balancing and a shadowing fix for AMD cards.
And while the game is much improved and much more fleshed out, it still isn't a seamless, AAA style experience. The Hero's accent will change fairly often, some quests still might glitch, but it really isn't any worse other games. And there's a console to fix your problems.