DaCostaBR: I love Civ 5, but I don't like other grand-strategy games, none of that Paradox stuff.
Also, is it like Civ in that you need the expansions to get the real experience?
1. Depends on which version of AoW you're referring to. The earlier versions probably had more in common with Master of Magic than Civ.
2. AoW 3 is a little more like Civ, but like the earlier versions, the battle module is actually detailed and quite fun, in my opinion. (Especially large sieges.) It's turn based, on a strategic hex map, with your units and heroes placed at random ends, depending on location and type of battle. It's possible to put units behind cover to protect them from ranged units, etc. You can also cast offensive, defensive and summoning spells in battle.
3. Not really? I mean, unless you REALLY like the hobbits, it's not hugely important, but it IS important to note that a few of the races aren't included in vanilla, especially ones that I enjoyed quite a bit, like the Necromancer class, and the Tigran, Frostling and Hobbit races. The DLC also adds the Naga and Merfolk minor races.
That said? They still have yet to release the Lizardmen, Nomads, Azracs, Dark Elves, Shadow Demons and Syron.
The undead are no longer their own race, instead you can choose necro with most races, and their units become ghoul versions. You can research the unique undead units though, allowing you to summon Dark Angels, Reapers, Banshees, Lost Souls, Death Keepers, etc. The archon are not included, as bad things have happened to them canonically, turning them into a race of revenants. They're semi-playable as a minor race, so if you're evil, it's possible to capture an Archon settlement and have access to a few of their units.
High Elves, Orcs, Goblins, Humans, Dwarves, and Draconians are your vanilla races.
Honestly, I had fun with it before the DLC even released, so it's definitely possible, but I definitely like Necro playthroughs, so I personally missed that.