Age of Wonders are really nice games. The first one promised races that were not just a spreadsheet. They delivered. They all feel very different.
These are X4 games, contrary to Fantasy General, which is more about set battles and an evolving army. You take truly strategic decisions, not only tactical: Meaning, in tactics you use your forces as a tool in combat. In strategy, you use combat as a tool in order to achieve your goals. Meaning that you decide where to concentrate, where to attack, when to retreat and so on. There is some city development, but not as deep as in Civilization. More important is unit maintenance: raise more unites than you can sustain and they will start deserting you.
Also, units can get experience, which is great.
Concerning magic, it has that Master of Magic feeling, as intented. Overland spells are important. In the first game, wizards are more powerful in a city with a mage tower. From the second title on, they made all about magic: the wizard should not leave the capital city, normally. Also magic becomes more important overall.