Better than Master of Magic... I think so.
i wont go into the complex amount of gameplay since others already did that, or check out Gamespots review.
It plays much like the other Age of Wonders games. The rules and ideas are the same.
My favorite part about this game is that:
Each units have unique abilities (hide, climb,fly, fire immunity, etc). I like the battle screen.
Big fields and if you are invading a town you have to deal with defenses.
Diplomacy actually does something. Declare peace, allied, then have them give you structures or spells in exchange for other goods.
Wizard boundaries. In order to cast spells in areas you have to expand your magic boundaries. AWESOME!
I prefer this version over the rest b/c the graphics are pretty good.
This game has stole ALOT of hours from me, giving me that just one more turn attitude.