Master of Mana is pretty darn impressive and I like it a lot. The seperate research bar and casting system for "global" magics works fairly well and makes good use of the engine. It does suffer from some pretty severe balancing issues, however, and some things which are simply shittily implemented.
Most notably the resources and equipment system. Firstly, it doesn't work for the AI at all, doesn't give them any bonuses at the moment. Secondly, it's kinda of clipped-on in its current implementation and doesn't really affect gameplay enough to warrant keeping it in the game, especially considering how quarries provide a hammer more than mines for most of the game and lumber mills don't provide any type of production bonus, making generating much metal and lumber gimp your overall production. I don't feel it's feasible to play a hugely industrialist nation with superior quality weapon and armour for this reason, which is a shame when the mechanism is solid in theory. And herbs are just worthless. I usually end up with thousands of the useless things and none of the stuff you can spend them on seems to be especially worthwhile or gamechanging. Still, at least equipment isn't a micromanagement nightmare like it was in earlier versions of MoM.
Secondly, offensive magic is waaaaay to powerful and completely obsoletes siege weapons. Why do you need to spend dozens of turns researching and building catapults when the first piece of shit caster in your magic tree can do a far better job of cutting down city defenders during sieges than several siege weapons can AND is more mobile AND bestows auras to your shock troops.
Thirdly, tying spells to alignments is a cool idea, but it's pretty unbalanced in reality, particularly how the Good enchantment spells confer significant buffs to production or combat while the Evil enchantments are all sort of fagballs. The only really good Evil enchantment gives a significant happiness penalty to your cities, so it's only really useful at lower difficulties or when playing undead civs who don't get unhappy.
Fourthly, many of the "epic destinies" seem impossible to achieve without some serious metagaming. I finished the ones requiring you to build X wonders or libraries or whatever, but having to level a hero to fucking level 30? Or fight X number of enemies in a particular type of terrain? Gitouddaherewidatshit!
Sixthly, some of the "uber" units are hilarious to use. Playing as the winter-worshipping Illians, I managed to summon the God of Winter. I then spent about an hour having that 50 strength motherfucker destroy all the other civilizations single-handedly. Good times.
Finally, I find religion to be overpowered. What is the point of spending dozens of turns trying to get the research to get good archers or swordsmen if you can spend the same amount of research in the religion tree and get priest/crusader units with the same strength values and the ability to cast miracles plus a happiness bonus and access to religion specific civics and buildings? Playing as the orks, I barely had to build a single ork, my hordes of Cthulhu-cultists got the job done much more readily. Priest units should be nerfed or the basic troops buffed. As it is, it seems really unbalanced to me.
Awesome mod, all in all, each civilization plays very differently. My favourite is, of course, the orks. Double unit production = massive WAAAAAAAGH! on the humies!
Too bad FFH has stopped developing, it was the best and had best team, ideas and implementation... 
