Get MOO2, it has more options than MOO, a slightly better interface and much better graphics. It's a quite good game IMHO!
MOM looks a little like Civ1 with an added tactical combat. No wonders, no civ advances, but you have to research spells. The AI is pretty weak. Graphics are 1990 style (VGA), you may have to boot in DOS-Mode. Usually it's part of a compilation now.
This is a really nice site about MOM
http://www.proaxis.com/~jarvinen/magic/magic.shtml