Well, Warlords is developed by Stainless. They have brought us almost all the poor Atari ports so Warlords is probably going to suck.
Warlords is actually pretty good, judging by the demo.
It doesn't have the frantic speed of the original, because of the controller substitution, but Atari/Stainless finally made a decent remake.
I spent about an hour with the demo of Warlords last night, playing with what options were available, and I thought the port controlled well with the 360 controller.
The updated version of the game plays slow at the standard speed, but if you go into options and choose the custom difficulty level, you can throttle the game speed to a decent, but not ridiculous, level.
This has always been more of a multiplayer game than anything else, so I can't say if the online for mulitplayer works well. It does support camera use, so you can see who you are playing against, which is nice, and the it is always good to see the classic version of the game.
Unless there are dramatic lag issues with the online play, I think the game is worth the 400 points MS and Atari are charging. But, again, this game is best played with other people.