Maybe someday we'll be able to feed Master of Magic to an AI and say, "Make something like this with better graphics and more units and spells." I that that's the only way we'll ever get a true successor to the game, since all human attempts thus far have been ruined in some way or another.
In the past, I've thought about remaking the game. I absolutely love Master of Magic and would love to have a native version of it for Windows. But... I don't think it's something I necessarily want to start on my own, and it would likely be done using the original graphics. But at least it would be a 32-bit native Windows app with a larger map (and larger view of it on screen) and multiplayer support over TCP/IP. And I'd write it in C++.