You want to to know the competition? Why Elemental makes me cry ?
Rise from Erebus mod for Civ4 (A mod started off of the FFH2 but much much more).
http://greyfox.me/rife/
No I'm not on the design team, and no I get nothing out of it. However, I'm just pointing it out because the RifE mod sets the bar high. StarDock is actually paying employees (vs. a group of modders doing it for free) and Elemental just doesn't stack up. 
The point is it could/should be top competitor. I want Elemental and Stardock to succeed.
I will point out some things, rather than just leaving it vague.
Elemental vs. Civ 4 comparisons:
**Disclaimer: I completely don't expect Elemental to be Civ 4, but it can and should learn some lessons from it and do it it's own way.
1. Empire management. The empire tree on the left side of screen is just a bad idea. Sure if we're always playing tiny maps. But we're not, most of us won't be.
2. Better advisor screens. "Kingdom Overview" is a start but a little analysis please. Arcane advisor saying your empire makes X research points, or warning you faction Y has already achieved a higher spell level. Tech advisor - same. Military advisor to judge effectiveness of troops and cost of their wages, who needs upgrading, etc. Financial advisor - assess treaties and best places to send caravans.
3. Elemental has its own "grimoire" thing that functions the same way civilopedia does in Civ. Cookies for that much. 
4. Some kind of empire score at the end of the game and a comparison to how well you've done. A true Merlin or Chuck the Charlatan ?
5. UI. Not to beat the horse anymore but just saying it.
