Currently I'm playing around with different builds for my sovereign trying to see what I like now that Organized is gone. These are some general guidelines I follow though any/all of them may change with my next build.
1. I always take royalty because I play kingdom and I like to get the +2 mana regen building asap. +3 essence per turn makes champions/sovereign actually viable as magical war machines.
2. I always take Insane and Inefficient because I never put my sovereign in a city. He's always collecting goody huts, doing quests, or killing wandering monsters if he's not involved in fighting the AI. There's no advantage to being in a city anyway except healing faster.
3. I do take ugly most of the time. Currently it seems broken as I still get 4 children anyway. Even if it worked I'd probably still take it because my children seem to always end up with 10 in almost every stat even though neither parent has 10 in any stat (usually 15+ love Rilis). Plus, by the time my kids grow up I wouldn't need them anyway the AI is already far weaker than me (play on ridiculous).
4. I don't take equipment because it can be purchased with gold which is a renewable resource.
5. I take Fire, Earth, Air, and Water spellbooks. Fire for the Fire Giant and powerful damage spells. Earth for the Stone Giant mainly. Water for the Ice Lord. Air is just in case I only get air shards. Enchantment can't be researched easily in the magic tech tree so I don't want to waste the points on it.
6. Skills I'm still iffy on. I like Hardy because again every little bit helps. Natural Tracker seems overpriced to me without organized, and I play men and so traveling boots/wayfarer's cloak gives me enough movement. +1 tech/arcane/gold seems petty after a very short time though I can see value in them. Diplomacy I'm seriously wondering if it even works. +2 food from green thumb (or whatever it's called) strikes me as incredibly useless, I'm guaranteed food at the start and I never have a problem with food anyway. The morale adjusting skills I've read are overpowered but I haven't ever used them I don't see much value when I kill everything before it hits me anyway. So I generally put all my spare points into stats after taking hardy and sometimes 1 other skill.
7. I reduce strength to 5 because my sovereign is primarily a caster anyway. Intelligence and Essence are 15. Constitution I generally put up to 15 as well now because, let's face it champions have crap HP and every little bit helps. If I have any remaining I will increase dexterity, otherwise I leave it at 10.