A dark fantasy setting, with a Turn Based Strategy engine for the overland map, and with a Total War like Real Time Tactical engine for battles would be bliss. Along with the traditional city building, tech and spell research, unit building, and discovery of uncharted lands

I'd even settle for a Steampunk setting, with steam engines like tech and magic.
I don't think I can stomach yet another high fantasy setting with sparkly bright colors and a "happy everything is so great in life" story. And that's regardless of the type of game.
That aside, I spotted Age of Wonders mentioned in previous replies. I don't really think that they were that vastly different, AoW obviously had certain characteristics of the old Master of Magic game, but still a slightly different game in it's own right. And nonetheless still a good game, that and the sequel AoW 2, plus the series had some of the best music I've ever heard in a strategy game, it simply fit perfectly to the game. Though unfortunately like so many other games, the series had it's shortcomings. Worth playing nonetheless for any ol Master of Magic player.