Shadow Magic is a great homage (or rip-off, for those less kindly inclined) of the classic MoM. I might have been upset if there had been an official sequel, which I remember was announced backin the late 90's and was supposed to have 8 planes instead of 2, but Shadow Magic is a perfect sequel in almost every way, even if it is unofficial.
The game very consciuosly mimics MoM, down to the Shadow Plane (Myrran) and the random map generator it now has. Also, many of the same units are available as well as many of the sme buildings. They have been redisrtibuted among the races, but Orcs, for example, still have wyvern riders.
A few management options have been simplified, and not all aspects of the game are as good as MoM, but combat is far superior, especially with all the possible units attacking in battle.