I personally would pre-order MoM2 the moment it became possible to do so, and I would most likely buy a spare copy as well just for a backup in case the original became damaged (as I did with the original MoM). Not to mention try to peddle the game to all my friends like some kind of perverse drug dealer.
I think that anyone who played the original would be ready to buy the game at the drop of a hat. When my friend told me that stardock was thinking of making MoM2, but was currently working on purchasing the rights to the game, my first response was “who do they need killed?”, simply because my desire for a sequel to MoM is that strong. (don't worry Atari, I'm just kidding)

(Frogboy, confirm green light on target Alpha, I repeat: confirm green light on target Alpha.)
All joking aside

, here are some suggestions for the game, although I'm sure I'll have more once I dig out my ol' dos box and play some more MoM.
Balance the races a bit more: Some races are simply far more powerful than others, although this isn't much of a problem single player, on multi player it would be best if all races were viable. Although keep the Myraan races stronger to compensate for the extra cost of being able to choose them.
Balance flight in certain situations: I love draconians, but I can see why having them all fly can be a problem with exploiting nodes and the like. Instead of taking away their flight, or making some units not fly, id suggest making it so any monsters killed in nodes when the node isn't conquered come back, and remaining units heal. This will keep the 3 draconian bowmen from taking out high lvl nodes. Also, Age of Wonders: Shadow Magic had a nice arcane spell called double gravity, which was a nice balancing tool for flight in pvp.
Make klakons not suck.
Make multi-player games customizable with number of spell picks and what-not.
Add more races/spells/skills/planes.
Maybe add a arcane version of a terraforming spell, not as good as change terrain, mabye more costly, but this would allow terraformers from not being limited to nature only. Also add a raise terrain spell.
Find a way to speed up turn time, in turn based strategy games, having 3 or 4+ people can become tedious waiting for your turn, so speeding up things would go far. Possibly allow others to see combat like in Age of Wonders: Shadow magic, which helps keep things interesting on your downtime.
Balance certain spells: I love the spells of MoM, but some in multiplayer would be just broken, like dark sleep. Keeping these spells in the game, but maybe tweaking their resistance would be a good plan.
Make Toren the Chosen look really hardcore. Your paying like 20 mana a turn for the guy, he better be cool.
Keep the same heroes in the game, but add more for each tier, There was only like 5 of the top tier heroes in the game, which would be way too few in big multiplayer games.
No game should go by without Brax the Dwarf visiting each wizard at least 5 times, lets keep the plucky, love starved Dorf alive!
Certain races cannot build higher level buildings, like ones that reduce unrest. No race should have all his unrest buildings built and still have unrest if they were the starting race.
Make sure Draconians can still fly.
When Brax shows up his caption should read “Hello, I love you.”. Because only the need for love would bring that poor dorf back so many times...
More buildings and Race specific units, people love their Airships and paladins.
Make it so Draconians do not have to be next to water to build Airships.
Customizable wizard pictures, also the ability to premake wizards and save them, so you can just click on their picture and go.
Make summoned creatures for some spell types better, Life for instance.
There should be at least one artifact called the Scepter of Frogboy.
Possibly add the ability to immigrate towns to other races, as per AoW:SM, although balance issues could arise since stronger, more disliked races like the dark elves could circumvent other races dislike for them.
Never have any Drizzt references in the dark elf descriptions.
In jokes, everyone loves in jokes.
Cool animations for units during strategic combat. Only allow quick combat against computers.
Ok, this is all for now, ill be back with more once I get refreshed on some of the races.
P.S. PLEASE MAKE Master of Magic 2!