OH MY GOD!!! :O
Looks like I don't have to worry about this unfinished fan remake anymore as it appears we've got an
official Master of Magic sequel or Remake on way (courtesy of Slitherine who've bought the rights from Atari's IP dungeon and
just made the announcement on their site)!!!
Guess this explains the mysterious Atari activities I
noticed recently. Clearly they reacquired MoM so they could sell it to Slitherine for $$$.
I'm such a super fan of this 25 year old game that I run a
MoM fans facebook group so as you can image I'm SUPER EXCITED about this news lol.

I can't can't believe that after all these years a real sequel just might be happening now. Sadly most of the old MoM forums are long dead so if there's any fans here who know of a good old MoM2 wishlist/feature request list out there
please let me know and I'll go post it over on the Slitherine forums (which I've just signed up to).
They've probably barely started the project yet so now is the time to get fan feature requests and wish list items in front of their faces. If the remaining fan base doesn't speak up now then god knows what sort of game we'll end up with. So now is the time to act!
My list:
• BIG ONE - More than 4 enemy players.
Implode's MoM HD Multiplayer Remake allowed EVERY wizard in one game for super 14 player games which would have bee EPIC and so much fun had he finished the project.
• Larger maps (Insectiside fan patch added huge map size to the original)
• Limited Spying (most fantasy rpgs have thieves/rogues so it fits and stealing spells would be fun)
• Time limit and bigger cost on time stop spell (if you're planning on having that annoying spell again)
• Demand or give cities in Diplomacy (most 4x games have this now and I like using it to play god/peacekeep and save bullied Civs and minor factions from deaths door)
• Expand Grey Neutral Faction into lots of minor factions with identities and race affiliations (eg a minor Elven race with a minor elf wizard that likes Elven main civs and makes trouble for others.. this is another thing done in modern 4x fantasy and space games)
• More worlds and/or an underground world (although this has already been done before in AoW, HoMM & Warlock series)
• More ocean content eg HoMM series filled oceans with shipwreck lairs and treasures (even Morrowind had underwater caves filled with creatures and treasure so this is not new to fantasy games). You could even have a Merfolk faction with cities in the ocean. The fun Fantasy and Midgard scenarios for Civilization 2 Test of Time had a good underwater Merfolk faction with lots of sea based units/creatures.
• Not essential but some cool weather effects would be a fun immersion factor (especially as you can tie spells into them for gameplay events such as huge storms and earthquakes etc). The
Official Playstation remake of Master of Magic has clouds rolling over and some cool weather effects from spells. The new Civ6 addon
Gathering Storm is another good example of world changing weather effects.
• Talk to Seravy, he's da man on all things MoM and the creator of the super popular MoM overhaul mod
Caster of MagicEDIT: BIG NEWS! Slitherine have indeed spoken to Seravy as they releasing his Caster of Magic as an official DLC to Master of Magic on Steam and GoG!!!
https://blakessanctum.wordpress.com/2020/02/25/caster-of-magic-master-of-magic-mod-is-now-on-steam-gog/
EDIT2: On top of that Slitherine have also now setup an official Master of Magic forum! And they've kindly moved my ever growing MoM2 wishlist thread into there too. 
http://www.slitherine.com/forum/viewforum.php?f=590
EDIT3:
And if all that isn't enough Seravy has hinted that he is working on a Caster of Magic 2! A full MoM rebuild in a new engine with all of CoM's changes built in and much more due to being free of the old games limitations. Eg full 14 wizard salughterfest games!!.