If you're strapped for cash and have other games you're considering, maybe don't buy now, maybe wait a few months. I hate to say something like this, because it's such a personal judgement call and I'm a huge Stardock fan and personally willing to deal with the growing pains even though I might get violently pissed off about them occasionally. Elemental is enjoyable now (this varies betwen players. I personally enjoy it but think it could be so much more.)
Maybe wait for Civ 5 on the 21st and buy what will be one of the best strategy/builder games ever created (IMO, it's shaping up to be something special and early reviews for it are in the 90's range, with boatloads of previews and user reports that are gushing about it).
Elemental is stragetic/tactical game with city/empire building elements. Even when magic is working correctly (or as many of us thing it should, I guess you could say) it will still not be a "magic user game" - it's not a pure RPG with your sov/hero running around doing everything by himself. He'll still be leading an army of mostly normal troops that you might bump along with magical assistance. You can also cast "world spells" to enhance your cities or fudge enemy cities, etc.
Elemental is like civ or galciv in that you're building up an empire from nothing, but rather than being a detatched leader/observer, you also have a sovereign - a leader unit who can be directly involved in whatever activities you want her/him to be (from leading armies and participating in battles to enhancing city-based activity).
There are a lot of fun and interesting things about Elemental now, along with a lot of balance issues, seemingly incomplete or simplistic features, and whatnot. It's something that one can easily feel needs a lot more work, even thought it's enjoyable in its present state.
