After trying Elemental for a while, I'm back to Master of Magic while they do a bunch of patches which will hopefully turn this into an immersive game. I personally think Elemental went too far down the Civilization Tech Tree path and included too much micromanagement to make it as enjoyable, at least initially. I'm sure after patches there will be mods and hope that ultimately the game will produce something which can be called a worthy successor to Master of Magic.
Meanwhile, since none other than the esteemed Frogboy started this thread, let me continue as he originally requested:
* rock, paper, scissors quality to the game wherein certain kinds of magic were very useful against and potentially "beat" other kinds when taken in pure form. E.g., sorcery would typically not overcome death magic but would be very useful against, say, life magic, which could heal and had protections against death and chaos magic. Nature magic could overcome chaos magic for the most part with low cost easy spells such as resist elements.
* random events that can devastate a faction or alter the balance of power. Ever have only one good sized capital city and watch it get hit with a meteor?
* not balanced; you can choose to play a difficult race/wizard combination. These differences made the experience more immersive.
* Different races have strengths at different times. Some say gnolls were "weak," but against non-sorcery players they could build stables early and have wolf riders, which would easily kill many other units.
* different choices have different strengths in the early, mid, and late game. Getting to units such as paladins would necessarily take a while.
* race relations. What initial race you chose determined in part the amount of unrest in cities of another race which you took over.
* complex, marvelous fame system which impacted everything from ongoing army cost to how often you were offered heroes or artifacts
* limited magic available. Choosing one book meant you would not be able to choose other books. You could not choose both life and death. One wizard could only have ? 11-12 spell books and only a certain number of retorts. What you had determined which magic items you could make. So you really had to plan ahead and even think about which really tough nodes to take on first. Hmmm...if I get a chaos book from this node with the great drake, I won't be able to get the sorcery book(s) I need to make a haste item....
* rich and immersive
* made you feel you were the wizard, not represented by anything more than a tower (except in the spell learning sequence), and to an extent immortal when able to cast the spell of return.
I would cheerfully pay $200-$500 for someone to modernize the graphics of Master of Magic, make it a Windows game, fix the remaining bugs, and somewhat improve the AI. You wouldn't even have to rebalance it much. Atari? Anyone? And I suppose I have learned not to get too excited about titles that come from small developers at the time of their initial release. While I won't pre-purchase a limited edition from such a company again, I do hold out hope that Stardock will continue to work to fulfill the expectations and hopes of its FRP-TBS customers.