I like Civ IV. I love all games with alot of modability, allows the game to become popular from modifications as well as the original. Civfanatics.com is a good website for modifications. A new expansion pack is comming out early June, by the way: "Beyond The Sword".
I can't make a comparison from Civ II to Civ IV, never playing Civ II.
However, i've played Civ III. There are some differences, there are :
-Less units, no defense/attack just "strength". You can upgrade units from experience to get % of defence and attack, though.
-More freedom in governments. You can select up to five civics for five different sections of government. They all have pros/cons except for the starting governments which are just cheap.
-AI are more intelligent
-Less bugs. Tanks can kill spearmen

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Too lazy to list any other changes, go to a website and find a review if you want more. I suggest you buy it if you like turnbased games, but it is a game made for multiplayer, so it can be repetitive. Although random events are added in next expansion.