The builds of Times New Roman bundled in recent versions of
Windows are definitely better than past versions. The character set is greatly expanded with features like true small capitals, discretionary ligatures and more. It has Roman numeral figures, but there isn't any one-click conversions from regular numerals to Roman (I have a couple OpenType fonts that have that capability).
Still, some of the tracking in Times New Roman looks a little funny. I guess they can put only so many kerning pairs into the fonts.
Times New Roman has a sort of plain vanilla feel to it, but that's probably because the typeface is a default and commonly used in so many different kinds of documents.