I find it a disappointing route, although there are quite a few things I like and it does take a few important steps forward for the Vuelta.
The stage to Totana is a really nice way to set up a sprinters versus escape artists showdown early on. The final 25km of the Córdoba stage have the potential to provide an interesting chunk of racing. The stage to San Lorenzo de El Escorial is beautiful, everything you could want in a medium mountain stage, with the big climb of Mijares early on, the nasty shock of the Mediano and then 40 unrelenting final kilometres and a brute of a finishing repecho. The stages to Noja and Bilbao could be better but both have the terrain for some attacks if there's the appetite.
On the other hand, the stage to Valdepeñas de Jaén is basically a 1km race, feeble compared with the excellent stage of last year. It feels to me a bit like the Galibier MTF in this year's Tour - it looks like it's been designed to please fans without giving much consideration to how to maker it work. The Vitoria stage is also not what I want to see on the penultimate day of a grand tour - almost 50 flat kilometres to the line.
As far as the high mountains go, I find the absence of one or two really big, long stages leaves a void. This wouldn't be so bad if there was a bit more variety and the stages were sequenced better, but those two problems compound the issue. I like the Sierra Nevada stage, but the stages of Covatilla and Manzaneda feel bloated and gratuitous with MTFs to come at Farrapona and Angliru. Covatilla is particularly frustrating because it could see the previous stage to San Lorenzo being neutered as the riders have their eye on the final 8km of this stage. Peña Cabarga is another stage where we need not tune in until the last 20 minutes, even if it's better than it was last year.
Angliru is fine as it is, but coming as the last of three consecutive tough days is extremely frustrating as it could cause conservative riding on the two stages which I think are much more interesting. It's great to see a stage like the one to Ponferrada in the Vuelta, but I'd have made it tougher - throw in a more difficult climb early on and ascend Ancares the "proper" way. It's still a tough climb as it is, but the tougher ascent could really have forced some riders' hands with more than 50km to go, and I don't think it would have been excessively difficult. It's still possible it could be an exciting stage but I see it as unlikely to fracture much.
If we'd had a really tough Ancares stage then the stage to Farrapona would be fine, but as it is it looks pretty thin for being the race's purest mountain stage. The San Lorenzo-Farrapona sequence is still a huge improvement on the flat-laden Cotobello stage of last year, but it is still just two climbs. Tough ones, but only two. Just as I said this could be OK as it is if the Ancares stage was tougher, if the Ancares stage stayed as it is then I see no reason not to go over the Cobertoria before San Lorenzo on this stage.
The chrono situation is as lamentable as ever, although we are in the curious situation where the Vuelta offers probably the best ITT prospects of any of the three GTs this year. More flat ITT kilometres than the Giro or Tour, and they've stuck it in before most of the big mountains rather than bone-headedly leaving it 'till after. It's still nowehere near enough, though.
It's the best-balanced of the three GTs this year, but it's still too thin on proper tough stuff, there's a massive over-reliance on MTFs, the chrono is wafer-thin and the stage sequencing is not conducive to good racing, and actually I'd throw in at least another flat stage too. I score it 4 out of 10. Basically, if this had been a Tour or Giro route I'd be very disappointed, and although this route could underscore an improvement in Unipublic's attitude to design and pave the way for great Vueltas to come, this one isn't it.
I agree with the general consensus of 2011 being Giro > Vuelta > Tour.