I know someone in here was saying this did not work. It does, you just cant pick your targets; it takes out improvements first, once they are gone, you start hitting population. Found it in the Readme.txt
have you ever actually tried to use precision strike?
unless you hold down on the P key it gives you a red crossed out circle and the only cities you can attack are your own...if you select an enemy city it cancles the strike, i think that's what they meant by it not working...plus if you hold down on the P key then you can launch a precision strike ANYWHERE on the map...the same holds true for holding down on the B key