Well, it has "one more turn" in my case, so yes, it is nice.
There is a downside through - it's developed by DLCs - that mean if you want new race, buy DLC. If you want to create new artifacts, buy DLC (you can create artifacts thanks to patches but not as powerful or various as thanks to DLC).
Warlock focus mainly on fights, less on kingdom growth or diplomacy.
As for game itself:
It is happened in Ardania, the land of Majesty and Majesty II and it is de facto sequal to Majesty II (it continues M2 story). You have 3 races (4 if you include DLC): Humans (speciality in gold production), Monsters (speciality in food production) and Undead (speciality in Mana production). Unfortunately, I know nothing about 4th race - Dark Elves besiades some basics.
Your goal is:
- defeat other mages,
- or research and cast game-winning spell (like in MoM),
- or defeat avatar of one of eight gods (first you must piss him/her enough, to sent this avatar

)
Cities
To do that, you build your city, which range from rank 1 to rank 20, althrough 16 is max if you don't cast special bless spells. Each rank is one more building in city and you have more buildings to build then place for that, so choose wisely. Some buildings (farms, mana farms, crafting districts - gold) can be build multiply in city. Others buildings (bank, mint, granary, mana vault) increase % of production of basic resources building. Cities borders will expand when town will growth.
So it is wisely to specialize cities - one for army production, other for magic army production (mages, clericks, shamans, werevolves, vampires), other for food, gold and mana production. Each building give you bonus to Food, Gold, Mana, Reasearch production or can produce upgrades for units. But on the other hand, each building cost also other resources, so you need to find balance between them, especially when each units cost you resources each turn.
Not all buildings can be build in various cities. Some need specify faction, other need resurces on map itself, where you can build them. And to do that, you need to create settlers and buildnew town there (and clear area from monsters first). Buildings for most powerful units (minotaurs, koatli, elves, dwarves, dragons) need to be build on special resources.
[img]
http://i50.tinypic.com/16kyvxk.jpg[/img]
Units
Units can learn experience and advance to 10th level. With each level up they can learn on from three skills. You can buy them upgrades, if you built special building in one of your cities (you need only one such building in your kingdom) - you need to buy upgrades for each unit separately, so your treasure can drain dry preety fast. You can also upgrade some of your units to better, if you have special building.
You remember these weak rogues, who died when fight with anything (they are scouts, not fighters)? Now you have Cutthroat which won't die so often. Still to weak? Build Temple of Lunord and you have Assassins (end-game unit). As unit save it experience and upgrades, you should know how deadly this combination can be.
Units have also different damage types: death, life, elemental and so on. So if you fight undead with undead, fight will be long and boring. And don't attack skeletons with archers or elementals with mages.
[img]
http://i45.tinypic.com/16lh9wg.jpg[/img]
Map
On game map there are cities: your, enemies and neutral. There are also lost caravans which have gold and sometimes research (new spells) or even units (getting dragon from first caravan - priceless

and gamebreaking

) and monsters lairs. These lairs spawns monster from time to time and monsters like to attack cities. When captured, lairs are destroyed and give gold, mana and sometimes research.
Cities can defend themselves, so it's not big deal until they are damaged by recent attack or were captured (also low health) or monster is strong one. Mosters can defeat enemy mage sometimes so you have less work to do.
You can choose at beginning of game map size: small, medium, large, huge. Choose between great continent (one mass land) to islands, is it flat world or sphare (so going West you will arive East) and also how many other wordls there will be - 1 to 6.
[img]
http://i45.tinypic.com/z1oqu.jpg[/img]
Other worlds are worlds of monsters - they are small maps but have very strong monsters (including dragons) and also the best resource sites which you want to have in your kingdom. To go to other world you need use portal building on map. Monsters from there can use them too.
Water is settled by Krakens, Sea Serpents and Leviathans and have some Lost Caravans (or rather ships) sites as these mosters lairs. Sea monaters attack sometime cities at sea but they are more like annoyance then real threat.
[img]
http://i48.tinypic.com/2emklll.jpg[/img]
Spells
First, you must research spells (you can start game with some, if you pick them or default mage has them). Next you need mana to cats them (and this is not something easy as it sound) and next time. In one day, you can spent certain magic energy for spells. Some spells can be cast twice or triple a day (the weakest ones), some need day or two to be cast. And victory spell need lots of days to be cast.
You have global spells which can benefit your cities (better growth, better food or mana production), can curse enemies (syphon thier mana, lower their food production) or improve your army (flying, water walking, haste, etc.)
You have combat spells, which can do damage or area of effect damage. Some caombination of spells can have deadly effect (well, that is mention in game tips, never tried it).
You have also bless spells - frost/ice/death/life damage, healing, undead healing and machines/cities healing, bonuses to melee/range attacks, etc.
I forgot about summon spells - you need an army but have no time/money to produce them? Use spells - from rats (scouts) to bearman (end-game warrior).
You can't have all spells as some are given by gods and their don't give them everyone. You need to be in friendly terms with gods to get spells and to be able to cats them (example: you need to have 25 favour to cast some spells and 50 to others).
[img]
http://i48.tinypic.com/160bx2u.jpg[/img]
Gods and quests
Well, nothing as advanced as in Age of Wonders series. You get quest (build a city, defeat monster, capture city, build specify building) and when you complete, you get reward (money and mana). Some quests are from gods and doing them you get some points of favour for questgiver god. If you fail at quest you can lose some money (not much) and somefavour (if it is god quest). You can refuse to take quest but it will be counted as fail.
[img]
http://i50.tinypic.com/2uijk2t.jpg[/img]
There are 8 gods in Ardania (known from Majesty ad Majesty 2), each one has opposide, so if you learn favour for one god, you will lost favour to another. Gods diagram looks like Wind of Roses, so if your favour goes to one god, it also goes to two next to him (if you learn "Eastern" god favour, you learn "North-Eastern" and "South-Eastern" gods favour too) and in same time other three will start to hate you. If your favour is 100, then your hate is 100 too and that god will send his/her avatar to defeat you. Avatar is "boss" unit with 1000 hp, lots of resists and armor and you need an (end-game) army to deafeat it, while avatar ravage your kingodm and cities.
[img]
http://i49.tinypic.com/el5ulx.jpg[/img]
Mages
You can select one of deafault one or create one. The second option gives you 10 points to spend on skills and spells (form 1 to 6 points for skill and spell), you can choose races which you want to play and your kingdom colour.
[img]
http://i49.tinypic.com/s2sm6g.jpg[/img]
AI is smart enough not to fight you at first sight but to propose non-agression treaty (sometimes it declare war through). Unfortunately is also so stupid that it want to swarm map with cities built everywhere, so you have no choise to capture them and raize them to have free space for your own citues to growth.
What else?
You can double-click unit at its destination point to skip walk/sail/fly animation and instant travel there. Same at enemy movement - hit escape to skip boring movement/attack animation (especially useful in later games and in other worlds, where monster hordes are in great numbers).
Paradox is still active in patching game (with new content) and releasing new DLCs, not like some French company.

(well, that French company is active in case of releasing DLC too

)
It isn't Master of Magic but I think it has it spirit althrough it still lacks some of MoM features and options. Well, you can't beat a legend.