I bought the Early Access too. It may succeed at becoming everything I wanted Elemental to be (and tried to steer towards, from my humble position - sometimes with somewhat harsh remarks, I will admit).
Yes, it has the potential to be, in all but name, Master of Magic 2. It's still early of course and many, many things can go wrong yet.
Races are diverse and have impactful characteristics. Draconians fly! Need I say more? Well, more generally the game isn't afraid to have "true" fantasy effects: Flying, Levitation, Invisibility, you name it. A lot of things are just MoM analogous, but when they aren't, it's because they are "more and bigger"! The spell system fits this category, from what I've seen so far.
Spells finally are under the spotlight, yes, LOTS of spells are in and lots more are planned. Magic is based on a cool, interconnected circle system. Really, really cool. There are combined requirements for several spells (you have to have access to different schools to cast them), but the highest tier ones are always school specific so you have to master the one required school to cast them. Instead of two planes (MoM had Myrran, remember?) there are several, which will enable wildly different game dynamics (they are Prime, Paradise, Shadow and the four Elemental planes).
All in all, it feels a lot like MoM. Also, CRAFTING.
Well, it really looks like it can be the Real Deal, imho. Keeping my fingers crossed! The thing I'm most worried about ATM is performance. Here, they could honestly take a page from Elemental and the whole multi-thread "pioneer" logic (I've even said so in their forums).
I hope I don't sound too negative towards Elemental, which in its LH iteration I've come to appreciate (both in its own right, and for the effort it required on Stardock's part). It just that it started from something that was so far away from MoM, that it never could hope to provide a similar experience.