Lucid Dreamers Development is currently working on a new Master of Magic clone, called Empires of Sorcery. It will have many of the features you remember from MoM, and expand those ideas in a lot of ways. World maps will be new and unique each time a game is started. The overland map will be very familiar, with cities, dungeons, temples, magical founts (nodes) and other features. Character creation will also be similar, with choices of magical powers from different schools, special skills, and several races to choose from.

The magical system will be more intricate than MoM. Spells are organized into elemental schools (fire, earth, air, water, life, death) as well as sorted by similar effects (summoning, protection, destruction, mentalism and more). There is much overlap of these schools, and where two schools meet there will be unique spells.

City management is very similar to MoM as far as constructing buildings and training units, but some features have been added. Assigning population to different jobs (farming, production, research) will give you more flexible options but still a very simple interface, and moving population from one city to another will be much easier. The addition of a build queue allows you to plan ahead and means you'll have to check on your cities less often.

The alternate planes from MoM, light and dark, are also included in Empires of Sorcery. It will also contain options to include several more alternate planes at game creation.

One of the biggest new features of Empires of Sorcery is the Undead as a playable race. An entire kingdom of skeletons, zombies and more powerful Undead creatures, organized into cities and armies. The Undead empire will play by very different rules, and will add a very unique experience to the game.

More information about EoS is available at the Empires of Sorcery homepage http://www.empiresofsorcerygame.com/ and wiki page http://wiki.empiresofsorcerygame.com/index.php/Main_Page . Lucid Dreamers is running a Kickstarter campaign to raise funds to pay for artwork and other resources for the game, which can be found at http://www.kickstarter.com/projects/lucid-dreamers/empires-of-sorcery

If you're fan of turn-based hexagon strategies you'll have to check this one out: http://www.wesnoth.org/ Game is set in fantasy world so you can command dwarves, elves, undead and of course human troops (much like the classic game fantasy general), not to mention you've got opportunity to hook up with extremely attractive princess (you have to fight her several times before :). Rules are pretty complex, yet easy to understand - every kind of terrain has different defense modifiers and movement penalties. Units have different types of attacks and different vulnerabilities. For example skeletons are vulnerable to blunt and holy damage while they are pretty hard to harm in any other way, elevens gets defense bonuses when ending their turn in forest, mounted units can do double damage when charging (but then they also take double damage from retaliation strike) etc. What is really great about this game is changing of night and day - chaotic units such as undead or robbers are strongest in the night, while lawful units are strongest in bright day, so you have to plan ahead - attacking undead fort in deep night is nearly suicidemission even for experienced veteran units, while taking them down in bright day is a piece of cake. Also for a game made by community (so it is totally free - really) it has got really good graphics & music background.