AoW was a fairly nice game, but it didn't due Master of Magic justice at all. It played a lot more like Heroes of Might & Magic to me. Of course I was expecting MoM with updated graphics.
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Interestingly enough, that comment comes up an awful lot... it seems to be what most people are expecting. I'm not sure it will ever happen quite that way.
For one thing, any group of developers who might be interested in revisiting the game are almost certain to want to put their own spin on things.
It hardly seems worthwhile to slap a new coat of paint on an ancient game, especially when you don't have the source code for the original... you'd wind up spending an awful lot of time, effort and money recreating something that could have been flat-out done better in the first place.
I'm also a bit skeptical of the idea that customers would really be happy with the product if it was merely MoM with better graphics... I think there's a nostalgia effect working here. We all remember MoM as an incredible game for its time, so we don't want anybody 'messing with the formula', but if I really think about it, the graphics aren't even close to the first thing I'd improve about the game... the AI was pretty awful, the interface and mechanics somewhat crude by today's standards, and there was hardly any game balance to speak of for starters...
All in all, one of the reasons I'd like to see Stardock take this on is that I think it might do better as something closer to 'GalCiv with elves' than 'MoM with better graphics'.
Just MHO of course, YMMV.
P.S. The name recognition from the title will definitely draw more sales, but there's a catch... you run a much greater risk of making people very angry if it doesn't turn out well... and there are a lot of expectations out there already that have been fermenting for years.
Witness what's happened recently with other sequels starting with 'Master of'...