No ships. It is ridiculous that sea is not accessible.
No flying / cloudwalking (MOM). Only the Air elementals can fly, and that is all there is to flying in the game.
Little variety of creatures. The list of monsters is very short, and boring.
Little variety between races.
As above, little variety of units. There are almost no interesting units available. No, the designer cannot compensate for this, and the options there are also not very exciting. For example, in MOM we had immune to magic creatures, which could wreck havoc on magic-biased players.
Wilderness is a great concept, but poorly implemented. The reward for conquering a wilderness is laughable. Usually, when a player can conquer a wilderness, he is already strong, and the reward is worthless.
Late game is slow, terribly slow to play, and buggy.
Road-building. Now, this is a shame. The algorithm is poor, roads often get doubled with ridiculous crossroads, especially after destroying and rebuilding outposts. We must have a way to design roads. Ah, and while on this, I miss enchanted roads. They can have a great strategic impact.
I don't like that cities, other than fortresses, cannot get better defenses. While a accept that fortresses must be strongest, other settlements should be capable of at least some better wall.
The concept of city siege and city walls is basically non-existent. It is just some generic modifiers to defense.
Loot - little variety, boring.
Weapons - little variety, boring.