New game by Wastelands interactive Worlds of Magic (LINK)

"Worlds of Magic is a turn based 4X strategy game set in a fantasy universe. Like all 4X games it is set on the foundation of: Explore, Expand, Exploit and Exterminate. Worlds of Magic contains all the elements you would expect. City founding and management, unit construction and army management as well as turn based battles. The Worlds of Magic universe is procedurally generated and no two games have to be the same. The universe itself is composes of a number of different “planes” that can all be explored and conquered. In additional to the basic 4X elements Worlds of Magic also includes a deep magic system including spells, summoned creatures and magical artifacts, hero units with specialized talents, capable of wielding magical items and combat mechanics based on the popular D20 system. Players attempt to conquer the universe using a combination of magical, military, economic and even political power. Worlds of Magic is meant to be a true spiritual successor to the PC classic Master of Magic."

Main features:

• 4X deep playability - Explore, exploit, expand and exterminate in a world of magic, diplomacy,  and war.
• D20 System - Units, Spells and Heroes will all draw from the D20 rule set during the battles.
• Hero Units -  Recruit heroes to lead your forces into battle.
• Twelve Spell Circles - Focus on depth in a single school, or gain the ability to cast incredibly diverse spells.
• Unique Races - Each race offers the ability to create exclusive units, with peculiarities, weaknesses and strenghts, but also balanced.
• Settle Powerful Cities - Control production, research and even magical power, in order to create powerful armies.
• Multiple victory conditions - War is not the only way to conquer the world; make treaties, establish trade routes or use peace as a tool for domination.

Time will tell. I think we are talking about very small dev here...