So if you are on the fence still, just hop off and do it.
I'd like to say the same, but I can't. The art direction is charming and the game finally appears to be stable. But presumably those aren't the only considerations for potential buyers.
MoM and other great oldies weren't great because they had solid AI & balance. None of them had either (nor does Elemental).
What they did have, though, were instantly familiar clichés and coherent, comprehensible, tabletop-inspired game mechanics. Elemental not only has neither. What Elemental has instead, are game mechanics that undermine it as a strategy game (even if you grok them - if you don't, I suppose it makes little difference), and a presentation that does nothing at all to establish a connection between you and the fluff.
So while Elemental looks pretty nice and - to the best of my knowledge - no longer implodes every five minutes, it has no long-term appeal to neither fantasy nor strategy buffs.
Between future the promised future new campaigns & fundamental gameplay changes, Elemental might eventually appeal to both fantasy & strategy buffs. But the key words here are might, potentially & future. For now, the only people I'd recommend it to, are people for whom the only fun part is figuring out how the game works. The good news for them, though, is that Elemental is fairly impenetrable, so there's at least a handful of hours of that sort of fun to be had.
As for the Qt3 thing: the more you guys ignore it, the faster it will go away. Arguably it would have already if not for the influx of users from these forums.