Hello
I've been testing Fallen Enchantress for a few days now. In my opinion it is already better than original Elemental but still not as polished as moo2 or as fun as moo.
Some thoughts after 15-20h of playing
First bad side
1. Game crashes too often. When i create cutom race / avatar / new units it is almost fity fity. I actually have to save game before creating new units to be sure i wont lost turns if i crash 
2. Magical items are too expensive. Of course you cant really buy them except a few quest items but you can sell them for hudreds of gold pieces. Why would you pick +150 gp trait when you can use that point to buy magical staff that will give you 400+ gp ? Why would you hamper your production / research when you can sell a few items and run your empire on low or no taxes at all ? This is a serious balance issue.
3. Rushing buildings/units is too cheap. It is somewhat connected to 2) because magical items are main source of income but even if you fix magical items prices it will be still a bad design. At the moment production base is insignificant as long as you have gold. I would rather like to see something like moo2 model where 50% of production is significantly more expensive to rush that the other 50%. You would still be able to rush without having to wait but that would cost you extra
4. All skill that improve your speed in tactical battles should be very rare / very expensive or i would just remove them. Right now you can kill very dangerous monsters as soon as you have 3+ moves and higher initiative than you opponent. When you initiative is more than 2x higher than enemy you dont even need movement bonus to be untouchable. Do we really need war trolls tactic from mom in Fallen Enchantress ?
5. Caravans. I would just remove them. I dont really want to be able to focus on each invidual caravan. As long as roads are safe from monsters and bandits trade should flourish without me having to micromanage it.
6. I dont think AI knows how to play this game just yet. Hordes of militia and peasants are no threat for player. I've seen AI hero with 2400 hp (special quest spell + x3 difficulty modificator) but almost no items. At that point i already had 40+ def/dodge and AI had no way to stop me. On highest difficulty level AI should be aggresive right from the start because first 80-100 turns is the only time when quantity > quality
7. Cant create my own artifacts 
now good side
1. The most important part. I want to play this game ! It is fun already but it can be so much better 
2. Prestige that is shared between all your cities is a great idea. You still get more people with multiple cities but when you focus on big cities people are much valuable because of all bonuses from high level buildings. I would add more information about prestige fe entry in game concepts, how much prestige can i expect when i finish quest etc
3. Both mana and spell power depends on number of nodes you control
4. Lots of hero perks. Great job
5. Special areas with neutral mini bosses, harder monsters and awesome loot. I dont think i've seen this idea before (except 'vaults' in rogue like games) so for me it was something new and fresh. I like it.