I loved Shadow Magic, but it wasn't nearly as good as MoM. Random things on the map have no rhyme or reason to their placement, they are just thrown wherever. There's no immersion, either, imho. MoM had immersion, you had a distinct empire with boundaries. In SM, any unit from any faction can simply walk through your lands, there are no continents or ships, (I don't remember if you can build a ship or not, but there's no need to if you can.) I do like being able to enslave good heroes and force them to fight for me (I always play an evil vampire lord). I think I recruited 3 or 4 good heroes from inns in my current game. Gotta be careful with 'em though, or they'll turn.
The tactical battle is the shit though. Being able to use 4 full stacks of units in a single tact. battle, hitting a city from all 4 sides, using cannons & catapults & whatever else you can get your hands on.
The diversity of untis & abilities, and the tactical battle are what make that game good. Everything else about it is just mediocre, imo. And the item creation system is downright terrible.