After playing the game solidly for the past few days, and on a variety of machines, I haven't seen a single crash or major issue that makes me scream at my machine. I had a weird 'Activate your Product' thing earlier, however that's all fixed. Obviously my case is a 'best case' scenario, considering people are experincing some fairly sizeable issues.
When Elemental is 'working as intended' I think it's brilliant, and a lot of fun. I think it's perhaps not as 'full' as people were hoping though. Yes, there are empty turns of nothing more than travel or research bar watching, however this stands true for nearly all games of a similar nature. Something that really annoyed me with Civilisation IV was the 'improvement spam' section of the opening turns of the game. It gave you something to do, sure... however it was boring, and just gave you more to watch. Elemental gives you quests instead, which feel better, at least to me.
Personally, I think Elemental: War of Magic provides a solid foundation. It's rare to see a game try and be it's own unique thing. Obviously, it takes inspiration from obvious sources, however Elemental is simply Elemental. The A.I. is a little dumb, quests could be a bit more indepth, and new gameplay mechanics could be added in to satisfy that instant gratification itch we all have, however I'll happily give Elemental a recommendation to anyone who asks.
I'd compare Elemental: War of Magic to Team Fortress 2, in terms of it's release situation. It's got some stuff, it's certainly fun, but it needs some improvement. Can't wait to see what Stardock add in, and what the modding crew can get up to. I know I'm already dreaming big!