As of right now I can't recommend it in good faith. While they claim it's a newer version of Magic Carpet ( I own Magic Carpet; and I have the original disks ), it's not quite the same. It is currently early access, so they'll be up for another review closer to release.
Magic carpet allowed you to fight an enemy, right from the ~second level. When you killed a creature, gold mana balls would drop down. You'd need to cast a spell on them to claim those mana balls as your own. Once you cast the spell ( Spam right clicking ), your hot-air-balloons would come pick them up. Enemy carpeteers could claim your mana if it wasn't picked up yet. If it was picked up ( if I recall correctly ) they could destroy the hot-air-balloon and take it. This was much more challenging that this game currently is.
I'd thought about making a clone of Magic Carpet for the longest time; but I didn't. Depending how this game turns out, I may create my own.
The water effect is not that great; monsters spawn in out of nowhere; you get the same spells over and over and over again; after playing for several hours ( on the pre-desura and pre-steam release ) I left the game, came back and it was fine. I tried loading the game and my save was gone. All spells, all levels, everything - albeit not much because it's still early access. The monsters don't look that great, I'm hoping they'll add a lot more polish to the game as it progresses.
It has potential, but as of right now the early release is over-priced albeit by the end, if done properly, I could see this being a $20-25 title.