More functionality is being added to Tyrant every day - I have to say that the new engine design is really reaping dividends in terms of the ease of adding interesting new functionaliy.
Some spells are now working again - you can Wish for them to test them out with the "y" command. Spellbooks should hopefully be working soon.
Most fun is the "Poison Cloud" spell, which creates a zone of poisonous gas that floats around the map until it disperses or poisons a living creature.
Plan is to implement several types of clouds, which will make magic in Tyrant a little more interesting than the conventional "blast them with the biggest fireball possible" approach.