I think you will be very pleasantly surprised by FE. It is so good in so many ways. There are some great mods already for it as well. Anyway, welcome back to the community.
... on the other hand, I would recommend caution.
Just sit and try to answer this one question. Elemental: War of Magic was:
a ) basically a great game, only bogged down in bugs, a few unfortunate features and having stability problems
b ) a game whose fundamental design just did not feel right. A set of great components that somehow did not make an exciting game.
If a ) is true, then by all means, go and buy it. If b ) is true, give it a second thought. Because in the very core, the mechanics are very similar and certain problems were inherited from Elemental to FE.