Can't say that I am overly impressed. FE:LH is more of a spiritual successor to MoM than this kickstarter for Worlds of Magic has attempted to show itself to be...
It is a little interesting however that there just 'happened' to be some competition show up for spiritual succession of MoM once SD decided to pursue the evolvement of FE instead of progression of MoM.
As I've always said, I don't regret pre-ordering Elemental since I wanted 4x fantasy games to shine again. And right now, things are moving somewhat, it seems.
That said, no, not even LH will be the MoM successor we preordered 3 years ago. It never even got a chance, since, by design, it is radically different. Now these new guys don't appear to have enormous resources but I'm willing to bet they've understood a lot of the things that went wrong with Elemental (no diverse races, no interesting tactical battles, lack of flying units, sieges, naval units, lack of crafting, bland magic system and so on). Now I've come to accept FE for what it is, and I will play the occasional game, I suppose, when it's in its final state.
But no, it's no MoM, not even after 3 years, because its basics themselves make it impossible to be.
I don't know what these guys will do but the more the merrier: eventually someone will get it right