If you want to try it out, there is, floating around, a fan-made modification of the game called Master of Magic 2.0. It's basically a patch intended to remove some of the more ridiculous balance issues. Among other things, it buffs the crap out of the Klackons, giving them all innate missile immunity, and makes most summoned creatres more powerful and easier to use.
Also, oddly, it makes most or all Settler units Swimming, which is apparently intended to help the AI on a water-heavy map or something.
It's something to look at if you've beaten the crap out of the game already and want something a bit fresh. I THINK it should be compatible with the GOG version of Master of Magic, since all you have to do is unzip the patch into the MOM folder.
Hesitant to provide a link here, since it looks like the place may still offer the game itself for download and I don't want to invoke some sort of ancient rule and get the Banhammer. You can understand, right? Linking from a board on a service which sells a game to a site which probably offers the game for download?

Found that myself and was considering linking it, but I wonder the same.
It's trivial to find if you fire up Google, so consider this more of a "hey, it's out there, now you know to look for it" thread. :)

Only if you know to look for "Maste of Magic 2.0" instead "Master of Magic 2.0".