For my personal point of view, Elemental seems to not fit my taste of game at all even if master of magic is one of my favorite video game. Elemental has none of the elements that makes MOM addictive and that cannot be changed without changing the core game play. So this is why it's not appealing to me anymore, but other people might like. One of the reason why it does not hook me up is the pacing. The gameplay is so slooow. It takes 6 turns to build a spearmen ... Seriously!? I can't imagine the knight
Since the game progress is so slow, the players receives little feedback from the game which makes him drop off the game. The idea behind CIV, MOM and MOO is that there is always something new that happens to hook you up and make you dream about what you could do with this new feature. In elemental, it's wait, wait and wait again then Oh! something happened ... but who cares because I need to wait even more before it gets meaningful.
On my point of view, it's not a matter of adding more quest, races, equipment, etc. This can be easily done afterward by fans. It's the core of the game that does not work. The economics system is still way much better than war of magic. It is possible that reducing all time variables, especially production, could improve the level of feedback the game gives to the player and might hook the player more easily. That would be on my point of view that fastest way to patch the problem. So a basic spearmen should take only 1 turn to build even near the beginning of the game.
Else, the only thing that matters for me right now is the flexibility of the XML to make a MOM mod. So I am basically waiting for the release to be able to hack the XML since it is impossible to do right now due to the downloaded binary blob. But I don't think I will ever play the original game besides for testing features.