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Surfing around the web today, I stumbled upon Worlds of Magic, a self-proclaimed "spiritual successor" to Master of Magic, that MicroProse released in 1994. There is a KickStarter campaign ongoing that ends May2, 2013.
From what I read, it goes far beyond what MoM offered. It looks interesting. If you enjoy(ed) Master of Magic, check it out.
Personally the only modern MMORPG trend that annoys me is the idea that MMOs need to be designed in a way to attract people who don't actually like MMOs. Which to me makes about as much sense as someone trying to figure out a way to get vegetarians to eat at their steakhouse.