The current beta FE has come a long way from its roots in WOM and even from the earlier beta versions. As good as it is now there are still features missing that in my opinion would add to its overall fun and replayability value:
1. Engineer units to build roads where ever you need them - for a cost in time and money. For those players who want to build a defensive or offensive road network this is critical. Anyone not interested in roads could just not train engineer units.
2. The ability to upgrade unit size as you reach technology levels that allow them. (i.e. party to group, etc). Right now the most experienced units can only upgrade their weapons and armor. It would be great if we could increase the experienced unit size too. There would be a cost for this in money but also in lower levels - that is if you had an experienced unit of 3 and you built it up to 5 with new troops the average experience level would now be 3/5 of what it was before. It would be better than starting with 5 completely inexperienced troops but still reflect the need to train the new members.
3. A larger map size option is needed. Early in WOM's time a number of people produced mod maps. Some of those were really a lot bigger than the current large size in FE. Some of us find an extra large map fun for a really long game. The problem in WOM was that the extra large maps contributed to memory issues. Hopefully FE is behind us.
4. Flying units are needed. This would add a whole new dimension to the game. This would be for both monsters as well as some high level trainable units. Perhaps a pegasus that could be used as a mount by normal troups?