This is a suggestion about the nature of the world generated: There has been some talk about the world, what shape it is, astronomical data, etc. and that's all good and ultimately should prove to be of some importance and interest, but considering the nature of the game, namely a Fantasy, I believe there should be limits on how well the world, as an overall body, is ever defined to the Player, in the course of the game.
In other words, there should be an "edge" of the map, beyond which are lands, peoples, etc. that we simply will never know the whole story about. And the mystery of them may lead to additional interest and Fun.
This could be handled in a few different ways. For one, the lands "beyond the edge" may simply be functionally limitless, infinite as far as we're concerned. Considering the amount of space on the map we currently get, and the impact infinite space may have on the end-game (a reduce in the rate of megabeasts, etc. but never a total lack of anything, including challenges), that may be a really good thing. It might even help processors cope with long games, since instead of reiterating a constantly more complex world, most things out of range of your Fortress could simply be generated randomly/semi-randomly, without requiring the use of a truly "small world"--a thing that some of us just don't find to be satisfactory.
Another way (I'm calling it the "Moorcock Solution", since it's somewhat inspired by Michael Moorcock's Eternal Warrior series, although it's a general idea, and not something inherant to the series, or infringing on copyright to use) may be to suppose that the mapped, defined, "known world" is an outgrowth from raw chaos, and that, as more and more of the world comes to be charted, it simply expands.
This is undoubtedly a more complex solution, but quite possibly balanced by it's usefulness and interest-factor. In this model, a small iota of the World exists at the beginning of the game, with a vast realm of potentiality surrounding it. As the game continues, the World itself expands, forming "out of the chaos-stuff".
This, I believe, would be very helpful for the newcomer, since only a small area of the world is of any importance, at the start of the game. As the game grows older and bigger, more and more areas become defined, and the scope of the game grows appropriately more complex. The end-game isn't sacrificed, because (in the timeline of the game, anyway, neatly dovetailing with the "pre-1400's" technology present in the game), the "chaos-realm" can never completely be overcome, leading into an end-game where the "infinite world" idea is still retained, but allowing for a large, charted area, which would give Players the "best of both worlds", literally.
This again may save processing speed, since our computers would only need to manage a world, the size of which would grow slowly and probably steadily. When it seems that a limit has been reached on any given computer's abilities, an "offswitch" could simply be thrown, halting the generation of new lands. This could both be performed in the middle of a game by the player, and also set in the Predefines.
Now, by "generation of new lands", that isn't meant to mean unpopulated, undeveloped lands. These "new lands" would arrive fully fleshed out, with their own histories, populations, leaders and legends. In a large sense, it would be the computer generating the World, more and more of it, as you played. This could perhaps even be performed while the player slept, worked, what have you, and while the extant world was on Pause.
Again, this should help a lot with processing speed, since in the beginning of the game, only a very small "world" would have to be generated. At the same time, players wanting a very large world, would get their wish, in a timely fashion, when that greater amount of geography actually has some usefulness.
This would be a bit like the "fog of war" concept, but in my opinion a lot more interesting, since the map itself and what it contains would never be in a complete, fixed state, even through saved games and the like. With the randomness to be instigated into creatures, in the coming installment, what shows up on the map could prove to be surprising and exciting indeed.
This should do something towards adding to the interest and replayability of the game itself, since a given game, and the player's way of dealing with it, may grow and change through quite a few incarnations, based simply on the changing face of the surrounding world.
The "new lands" concept could even interact in a somewhat direct manner with the Player.
Playing style may affect it--a player that sends out a lot of expeditions, a lot of merchants, a lot of armies; may cause the world to "grow" at a faster rate. A Fortress that hasn't made any steel, or sand, or what have you, may cause the game to generate an area with the necessary ingredients for those items, perhaps in the hands of an enemy. The game, infact, may generate enemies, or allies, or neutral parties, depending on how you're playing the game, and how successfully.
Spheres (whatever they are) may, somehow, grow in influence based on player action/inaction, and cause the generation of related lands--or they may actually act to balance themselves out.
There could even be pre-generated areas that the computer could place, and which would then show up randomly on the map, as it's explored. These could be player-designed, safely, with the knowledge that you'd never quite know the time/place/circumstances of the placement.
These defined areas could be chosen from a large list, and added--or not added--to any number of maps, increasing replayability. There could maybe be a Community created/maintained database of predefined areas that the computer could choose from.
Finally, either way, the "edge of the map" itself could be very useful and interesting. You might send out explorers, adventurers, expeditions, even whole armies, into the Unknown, in the hope that they might return with all manner of fantastical items, trade alliances, captives, beasts, materials, stories, what have you.
Anything might be out there. After all--it's the edge of the map.