Channelling spells have been around for a time, and were actually in MoM in the form of spell upkeep (spells continued as long as you could maintain the upkeep or you shut it off). I would expect to see some form of this in Elemental, anyhow.
Hm, I think we have a different definition of "channeled" spells. What I'm talking about is mainly in combat (there could be plenty of channeled spells on the world map, but that's past the breadth of my original post.) In MoM, all combat spells were instantaneous (one per turn) and if they were combat buffs, did not change. So in short, I've never seen any channeled spells in fantasy strategy games in the fashion I'm talking about. The only time I've ever seen them... is in my heavily modified D&D campaign, because the players researched and invented them.
It's funny, actually. The players actually followed the route of strategy game, building Wizard and Knight Orders and leading armies against the foes of their city and its influential, maritime merchant houses. If you can't get what you want in digital games, invent them yourself I say!