I find the magic system in v1.05.16 to be rather hum-drum. Even with removing the Summoning Book from the character creation process, magic comes way too fast, and just isn't as epic as it could/should be. The way I see it, Magic is something that should be earned instead of gained right off the bat, even if your Soverign is the only Channeler in his entire Kingdom or Empire.
Suggestions:
1) Give the Magic System something more to bring it into the fore. As it stands now, its almost just like the technology system, which it shouldn't be. Magic is the name of the game, after all, and I suggest that the magic system be tied more into the questing. As it stands, I've found a total of '2' books when questining Lvl 5 dungeons. Blah. Lower level books (or more 'common') should be able to be gotten at lower levels, isntead of just buying them outright.
2) Spell System: I know more spells are in the works and will be available via updates. But what I'm suggesting is that instead of just going through and ordering all of the individual spells to be 'researched' one after the other, why not sort them by the books they came in, and make it either random, or by signifying how many resources you want to put into that book in order to get spells out of it. I find that the diversity and unknown quality of this would be better in the long run, where you don't see the same spells being used by every Kingdom or Empire over and over and over again.
3) Greater Terraforming: The spells 'Raise Land' and 'Lower Land' are nice and handy, but they aren't really powerful enough to change the game world in any meaningful way. Even with the Greater varieties researched and used, they still feel rather... underpowered. The ability for the game world to be completely changed by the players Soverign was one of the things I was personally looking forward too, so I'd like to put in a personal request that for these types of spells, that they have greatter range/effects depending upon both the Essense(Willpower) and Intelligence of the Soverign. Now who wouldn't want to be able to sink a mountain into the ocean or create a beach where it would be nifty to have one? 
4) Offspring: Instead of getting an offspring, and then letting them learn all of the spells you've unlocked automatically, why not use their 'pre-adult' years to teach them in a more realistic fashion? A system where you can chose which type of spells to teach them would be a great way to customize them before they become fully grown, instead of just waiting turn after turn for them to grow up in order to be able to do anything with them.
And that's about it. If anyone has anything they could add to this, just give a shout, and if the great Elemental community likes my ideas, give it kudo! Thanks you.