Love the game. Thought it seemed like a modern version of Master of Magic, but it plays more like a revamped age of wonders. Have to say I REALLY disliked this engine when it was used on Civ 5, but this is a pretty fun game...still a little "too simple" for my taste though.
Ok so here's some issues/wishlist items thus far:
1) Diplomacy is terribly limited. Not alot of options for trade or resources for that matter.
2) Way too much lava in the game thus far. Is there any terrain altering spells that I just haven't discovered yet?
3) Would love to see some hero units or maybe a wizard avatar hero (like Master of Magic). Items for said heroes would be nice as well.
4) No diplomacy with independent cities (this is directly a result of number 1).
5) More races - seems to be 3 playable thus far, rat people, humans, etc.
6) AI is terrible at war. They throw all of their forces on defense and never attack. When they do it's with summoned units that never threaten. Granted this was not on the hardest setting yet so take that with a grain of salt.
7) Would lke to do some more terrain customization, like building roads.
That's all I got for now. Love this game though, it's a great value for the $20 that it cost on Steam.