I agree with the OP and Kalin.
In addition, I do not feel that there is a balance between the different victory conditions. I am unsatisfied when the game ends and tend to think the current VC's are just place-holders borrowed from E:WoM that are going to be replaced at some point in E:FE.
MOO 2 had the Antarans
GalCiv 2 had the Dread Lords
Space Rangers had the Dominators and the Kilssan
Shogun II has an event where everyone decides to attack at once if you start steam rolling.
I think Fallen Enchantress needs a "Powerful Sorceress whom most be stopped" before you can obtain victory... I would love to see outrageous random events happen (perhaps due to the sorceress) where new enemies show up or the game play gets altered in a significant way; such as needing to go into the Wild Lands for a reason instead of having them be a playground for the uber powerful who have already beaten the game. (E.G To destroy the source of a demonic portal that will otherwise spew out demons after X turns). Events or Mechanics that make your (same aligned) kingdoms/empires worth keeping around would also be appreciated.
I tend to think that StarDock has it planned out to put the real victory conditions and "master quest" in place after they have worked out the kinks in the basic mechanics and balanced them out. I certainly hope so as I think it would make the game much more enjoyable and atmospheric. It would seem weird if they roll it out with E:WoM's VC's given the description of the game...