I am sorry to say that. The game still sucks.
The factions? Why did you hire Kael of Fall from Heaven fame exactly? That mod had the most diverse and unique races ever created in a strategy game, and it was a MOD for god's sake. And yet there's not even a slight change in the banality and boredom of Elemental's factions. Humans, humans, pathfinding humans, magical humans, humans, ugly fighting humans, enslaving humans, ghost humans (that one is actually the only on OK). What did you do to the poor guy? Lock him in the basement so that he couldn't have interfered with anything?
Magic? Wow, city enchantments - so groundbreaking. And that's the only single thing improved - and you failed to do even that properly. No upkeep? Seriously? Essence is the single most important resource and enchantments are so OP that there's no question whether to cast them - you do it day one. The rest is just as badly thought and balanced. Supposed you roll with a fire mage. Ooops, there are only fire nodes in your territory. You're a fire grandmaster? Tough luck. At least you can try though, but that's not the case for a summoner - there's no such thing as a summoner here. You can spend a thousand mana in one turn, but what for - there are how many, 15 spells in each school?
Combat? Hit-hit-hit-hit-hit-hit-hit-dodge-hit-hit-hit. Defence > offence. It's just boring.
Internal balance? The factions are balanced, oh great, shame that's because they're the same. You won't need them though, with your two basic heroes you can conquer the world.
I could go on and on.
Fallen Enchantress is just a wee bit slighter disappointment compared to War of Magic. Unless the game can be MASSIVELY modded (Civ4 or better), there's no point in playing it. I'll just go back to Master of Magic, or even Age of Wonders.