I'm hoping to see a variety of terrain features by the final release. So far, the primitive maps we've seen generated in things like boogiebac's ascii videos don't seem to have any real sign of elevation (other than perhaps signs of beaches) but I hope that by the finished version we will see such things.
In HoMM's defense. Logically, a whole army would be hindered a lot more by changes in ground over long distances (outside of combat) than they would on a smaller scale such as a tactical battle. I do agree, however, that HoMM does not really use terrain to its advantage.
The tactical battles for Elemental are often compared to Total War and X-com, both of which use terrain a great deal. X-com you can't see 3 feet in front of you because of how terrain effects line of sight, and Total War has a bunch of different advantages based on higher ground, trees, and other terrain features.