-the Sov being 'us', the player. Yes, MoM did this kinda, however from a 'man behind the curtain', not 'man on the map' perspective. Elemental also takes it further, to a more 'rpg' extent in what is at heart a fairly traditional 4x strategy game.
Ahem...Heroes of Might and Magic. Elemental literally is that game with some different mechanics, and a higher emphasis on 4x. It has all the same elements, arranged differently.
-dynasties. I think this could be expanded upon a bit (for example, Sov death would allow a progeny to take over, instead of it being game over), but still having kids, marrying them off, etc. is pretty cool
This to me is a side feature until they actually develop it. Your children can't succeed you. Your dynasty really has no impact in the game other than as a bargaining chip, or heroes that you feel like you own in a flavor sense. Sorry, it's promising, but I'm not convinced this really innovates. Like so much with Elemental, it's a bare skeleton of what could be... and that doesn't warrant calling it innovative yet.
-spells being able to affect the map so much (raise/lower land/mountains/etc.). Again this could be expanded upon but still it's a nice addition.
The game only mildly delivers on this now. So far raising and lowering is the only feature anyone mentions.
If we subtract all the qualifiers from talking about Elemental's features, we're not left with much. Again, people are going to disagree about where they set the bar. I set it pretty high...like Diablo high, for what that game did for an entire genre of video games. That was innovating. This is a good start.