I agree that Wonders should be faction and race specific, and that rare or unique items are needed. This will do two things. Firstly, it will add more strategy to the choice of race and faction, secondly it will feel more special to have a Wonder.
What about a Wonder that actually affected the way an entire city looked? City of Gold anyone? Have the streets paved with jewels, etc.
Also,
Cloud City
Island in the Sky City
City of Fire
City of Ice
City of Shadows
Underwater City (Atlantis)
Invisible City
...to name a few possibilities.
Then you can have Wonders that infer a special ability or status to the Sovereign.
Such as,
Pyramid -> Pharaoh (Dynasty Bonuses)
Tower of Babel -> Multilinguist (Diplomacy Bonuses)
Library of Alexandria -> Sage (Spell/Technology Research Bonuses)
Astral Nexus -> Planeswalker (Travel Bonuses)
...etc, no doubt someone can come up with some better options.
The problem with some of these wonders, (From the second set, not the first,) is that they're too closely related to a Real Life setting and not a Fantasy setting. A generic Pyramid and the Astral Nexus I can't say that about, but the other two are (were) more or less real. Now, I assume you'd (meaning Stardock,) would re-work those to fit into the setting, but I think it's beginning to borderline on being too Civ-esque with that batch.
However they would be implemented, it should be kept in mind that we should actually go out of our way to try to make the suggestions for Wonders pretty out there and far-fetched in the context of 'Would you see this in real life?' With every Wonder we suggest, we should ask ourselves the following questions:
Has this been done before? If so, how can we make it our own? (Meaning, make it Elemental's own.)
Is it extraordinary or magical somehow? (Not literally magical, but rather, the feeling you get from looking at it.)
Does it fit the context of both the game, and the setting in general?
Is it something that can be both useful and balanced, both in the short term and in the long term?
And last, but not least:
Does it actually look awesome? (Literally, inspiring some level of awe the first time you see it.)
These questions are what the Floating Waterfall made me think of. While it is cliche, it fits into the setting, it is extraordinary and magical, it fits into the context of the game, and it would, in fact, look freaking awesome.
Usefullness and Balance, however, are mechanics issues and not conceptual issues, so maybe we can throw that question out for the time being. It doesn't change though, that if/when something like this gets implemented, that will be a very necessary question, so best to keep it tucked away in its own special place on our brain-shelves. (Along with all the other Elemental-related stuff. =P)
Now, with all that said... I will admit that I don't have any better suggestions for wonders/monuments. I haven't been able to immerse myself deep enough into the world of Elemental yet to really get the imaginative juices going, and it may be a while before I can, so those of you that naturally have over-active imaginations or very visually visceral imaginations, please, feel free to pitch in with whatever crazy-A images your brains create. The Floating Waterfall in one of your cities already set my heart to racing, and knowing this community, there are a ton more ideas right up that alley that you guys can create. ^^