You sure as heck couldn't do that with TS3 unless you were totally ok with a generic looking character that isn't too slider heavy. On the other hand, it's so easily accessible that a new player could dive right in and make a unique character. The lack of sliders is what bothers me since I can't adjust physical attributes notch by notch by just using a click and drag option.
There's rarely a moment when the screen freezes to load a new hairstyle or to make adjustments with what I put into the sliders.
It's limited and dumbed down when compared to TS3.