I'd have to say my favorite is either Fallout 2 for PC, Age of Wonders Shadow Magic, or Final Fantasy Tactics.
All you kids who love Master of Magic should check out Age of Wonders: Shadow Magic. If you were dissapointed in the first AOW, be advised that this one is 10x better. SM has a random map generator too, which AOW2 and AOW1 don't. Anyway, it's basically Master of Magic with different races, internet play, and better graphics.