I'd be absolutely thrilled if someone did an AoW sequel!
There was a user created patch that was made with the help of some of the developers, which fixed some balancing issues and introduced a lot of content (located
here). It's a few years old now, too. The community is still alive.
I recall a forum discussion with the developers about a possible sequel, but as far as I remember they said there was no interested publisher (
hint, hint!), and that they were working on some action-y game instead. AoW was the closest thing to Master of Magic, and the franchise is generally appreciated and liked among strategy gamers, so perhaps some day someone will pick up the license. (1cp, you are reading, aren't you!
)