Issue no. 175 of Game Informer (November 2007) has an interesting little blurb on page 56 as part of the "The good, the bad, and the ugly" section of the issue.
"Stardock CEO and president, Brad Wardell, as assured fans that the company is going forward with a sequel to... Master of Magic. Wardell expects the game to hit shelves in 2009, and he says that Stardock plans to accept player-created mods which will be vetted and then downloadable to other players."
Wow. Wow. Wow. I *still* play MoM to this day on a VPC I set up specifically for that. Given how generally awesome Stardock is when it comes to developing and supporting games, this could not be better news!
I did a forum search prior to posting this, and I didn't see any recent posts about this game/topic, but if it's already been posted somewhere - my apologies!