I really like the idea - but I was also pretty shocked that Elemental War of Magic turned out to be so boring, and Fallen Enchantress wasn't much better.
It's probably pretty difficult to blow the game dimensions up, strategically, and keep a certain tightness, while creating a worthy AI at the same time PLUS having interesting battles. I also was disappointed with the result of the glut of 4X space games. It's always about maximizing some output, and what I really like with AoW3 is the fact that no matter how good your output is, troop quality (in terms of medals/upgrades) is at least as important. Which means, that I like a game in which you cannot just build your empire to eventually lash at everyone with superior tech, but simply have to put everything to a practical use immediately.
Dominions 5 (and previous games) is the best fantasy strategy game out there. It knows what it wants to be and it pulls it off fantastically. I always felt that Fallen Enchantress lacks in scale.. if I have magic to play with, I want to be a damned God, start summoning titans and make the world freeze over.