No.
At least not yet and not without a lot of work from both the hardworking team at Stardock (who have managed to push out 3 patches and 2 hotfixes since the early release) and the hopefully dedicated modding community.
To wit...
Magic has *NO* personality
The overwhelming majority of single target spells are "does INT * shards of that type damage" and AoE ones follow the same mechanic. No cool stuff like doom bolt (ignoring all defense), cracks call (25% chance to instagib non-fliers), no battlefield buffs, no overland spells (VERY minimal town buffs that rapidly diminish in value). Worse a huge bug affects tactical combat making those "useful" elemental shards nearly worthless since they don't have any effect on spells that mention 'em. If you are opting for a min-maxed caster sovereign you can just gleefully select all spellbooks and take a couple of completely non-detrimental "bad" traits and just roll along your merry way. Just imagine a couple of bad retorts then being able to take all spellbooks in MoM.
Part of the huge draw of MoM is the ability to completely tailor your build. Want to make a magic item factory who's never out of mana? 2 spell books from each of 3 schools, runemaster, artificer and alchemist FTW! Perhaps Torin the Chosen and a huge buffer build works better? Go all life! There are so many usable and downright fun combinations that Elemental's bland "take everything" approach is just meh.
Recruited/built units are 1 dimensional
The overwhelming majority of the units you can research and build are bland and very weak/fragile. Yes you can modify their looks and starting equipment (the latter being insanely expensive) but short of exploiting some big bugs in the current system such as the ability to wear dozens of rings and amulets, they're a complete letdown. Worse, once you finally research how to make entire squads of elite units there's absolutely no impetus to use the design system. Just churn out tons of peasants and wear down any jerkwad you see. No special abilities, incredibly limited archery, no fantastic units (outside of summons).
Diplomacy is similarly simplistic
This is not to say that MoM was any paragon of diplomacy but at least there was some subtlety and granularity in the system. Elemental's version is mostly "gimme money or I'll attack" and "how much money should I give this jerk so I can track mud through his throne room". Sadly it's far too elemental (pun probably intended 
Magic is a 98 pound weakling
As an adjunct to the above listed blanditude of magic, the entire system is just anemic. Want to make a magic heavy "nuker" of a sovereign? Good luck. Yeah, you can cheese the system by maxing out the adventuring tech tree ASAP so you can get the real money stuff like potions of essence and the big stat boost books combined with imbuing a couple of your "champions" (more on those later) so they can also cast spells. If you do that and rely primarily on auto resolve combat you'll steamroll most anything you run into. Tactical combat makes that much dicier and far more annoying.
To compound the problem is that your maximum mana is LOW. The absolute best you can start with is 15 with most single target damage spells being 2-3 per and AoE costing 5. You can add 3 essence (aka wisdom but only for the character creation screen) per level up which still means you'll end up with a paltry mid 70s by level 20. This sounds grand, doesn't it? Well, there's another HUGE caveat... your sovereign regenerates 1 mana per turn. Not combat turn (where absolutely no regen exists for you) but GAME turn. This means that if you blow your entire wad, it'll be 2-3 turns before you can do even ONE single target spell. This is unfathomable.
Champions are anything but... and still cost a fortune
Unlike even some of the more mediocre of MoM's low level heroes (Tumu anyone?) the "champions" in Elemental are fragile, weak and just never get better. There are two kinds of them... specialists (+1 gold per turn, +20% food bonus to a city, etc.) and "combat" ones that are tagged as adventurers or assassins. At first level (when you really need 'em, early in the game) they're fairly affordable but incredibly weak, ridiculously fragile and barely if even equipped with more than non-armor clothing and a low damage staff or dagger. Want to equip 'em? You need to research a couple deep into warfare or even further into magic to buy anything but the most craptacular gear and that takes time and money. So you'll end up with "heroes" that are just not worth the cost (unless you imbue 'em as above). They level just as pathetically as your sovereign does with a SINGLE attribute point to spend per level. Worse, their special ability (all one of them) never gets better. To wit, the "merchant" gives you +1 gilder per turn... forever. At the start this is pretty sweet, but by turn 200 it's pathetic.
Now if you have cash and are lucky enough to find a level 3 or 4 assassin or adventurer, the starting stats are exponentially better than their level 1 counterparts. Worse, there's absolutely no way to replicate these bruisers starting with a level 1 jerkwad, no matter how many stat books or potions you dump into them. Even then they are just a walking corpse waiting to find their killer... a well equipped one that you got at level 4 can still be easily killed by even a level 1 bandit or spider due to the horrible way defense works and the non-existent HP scaling. If you don't exploit the Mr. T Effect (as seen above by equipping dozens of rings, amulets and "trinkets" to use the WoW parlance) even a melee sovereign or "champion" who can dish out 200 damage per hit can still be felled by any number of very low level jerks.
The UI and the information it's supposed to give you is confusing, misleading and/or missing
Imagine this... you come to a "goodie hut" (think node or lair) and you can't entire because your "notable level is too low". WTF. Nowhere in the game is this explained. At all. It's easy if you have access to the forums, but outside of highlighting said "goodie" or trying to enter you don't even *KNOW* what your notable level is currently at.
That quest that you accepted 20 turns back but have you to do... so, uh, where do you go? The quest log (if we can even call it such) has nothing more than the description and whether it's active or completed. The only real way to see what remaining quest objectives you have left on the map is to enable the cloth map (either by zooming way out with your mouse scrollwheel or setting it to a lower threshold in the options) and even then it doesn't tell you which quest said objective is for. You'll get something like "This pub looks interesting" or something similarly obfuscating.
There are dozens if not hundreds of other examples of conflicting or lacking information but I'd have to engage in a wall of text 10x the size of this post to list them all. Suffice it to say that the game is suffering from severe schizophrenia inasmuch as it refuses to adhere to TBS standards for information presentation. Let's be honest, some wheels really don't need to be reinvented and most modern TBS, while homogeneous in many of the way they keep you informed, at least get the point across.
As it stands now, I really can't recommend the game to anyone except a real diehard fantasy TBS fan. There are so few games in this sub-genre that we are beholden to the axiom of "beggars can't be choosers".
Do I think it'll ever be worthy of the appellation of "spiritual success to MoM"? Quite possibly. Stardock has historically lavished a great deal of attention on their games, even outside of actual moneymakers (aka expansion packs). They've already managed to squash a large mass of bugs and can hopefully get a handle of some of pernicious ones that somehow made it to retail (the now infamous crash to desktop on alt-tab that still exists in 1.06). But as Master of Magic proved, even a very buggy initial release doesn't doom a game. Lack of focus, environment, polish and consistency will though.
