What was the Magic of MoM?
For me it was the options: there were so many different spells, dozens of traits you could assign (the one I could never do without was alchemy!) the races were so diverse, it just provided hundreds of combinations that kept the game fresh thru dozens of games!
So how is EWOM measuring up to it's spiritual predecessor? At first there was a large amount of disappointment in lack of race diversity, but other than graphical similarity, the dozen races slated for the canon game could easily provide the same gameplay differences (if not graphical ones). And there obviously will be a large spellbook even in the canon game, which will surely expand quickly as user created content becomes available.
The one area we have nto heard a ton about is whatever anaolgy of MoM's traits make it into the game. There will surely be pre-game setup of your channeler, but we have not heard a lot of details as far as to how many and what kinds of options there will be. If this can be done well, I think that is the foundation of what will determine if this is the game that future 4x games are measured against.