What I like:
Shard and the shard mechanic (Though I hope the game has a lot more non-shard spells)
The spellbooks and spell research screen. Reminiscient of Master of Magic, and that is a very good thing. Now I miss the spell cut scenes from MoM again!
Non-Combat spells. I hope you'll strive in game to keep the majority of spells non-combat. I hate that in settings like D&D they have all this "wonderous power" and all they think of are new ways to kill each other with it. Keep making lots of non-combat spells!
What I don't like:
Magic tech tree seems kind of weak and doesn't do much for "magic power" yet.
How much mana do I have? I have no idea how much casting my Sovereign can do. Give me an hourglass of Mana or something please!
What I really don't like:
The spell research bar. I always feel like I'm wasting points and I can gimp myself by ever capping this out. I would like to see it work more like tech where I'm working towards a particular spell and then automatically prompted for the next spell when it is done researching. MoM always felt celebratory when you researched a new spell because it popper open the spellbook and showed a spell being decyphered to you. This would also be nice for Elemental.