This is looking an awful lot like another HOMM or Age of Wonders so far. The HOMM series had about 6 schools of magic, and they also got bonuses within their own type of landscape. The biggest things looking to set this apart are the MP and the modding. Warlords 2 opened it up to modding, and that didn't work out very well. I would have loved to see a fantasy version of Civ, but it's not to be on this one.
HoMM music and imagery is wonderful. The gameplay itself is terrible however.
I say that from the perspective of a man who dislikes chess intensely. It is far too clinical and undynamic. It is most definitely a statistical numbers game, not a true strategy game. You could play HoMM V completely bereft of graphics if you wished, simply pitting one set formula verus the enemy mathematical formula, arriving at an 'inevitable number'. In that regard it is simplistic, dull, unexciting, and pointless. Algebraic calculation in fancy clothes.
The only reason why I purchase the games is to acquire the music and appreciate the inspired visuals.
Hopefully Elemental War Of Magic is most definitely NOT going to follow the HoMM model in any mechanical way.