Hack and slash is my kind of game play!
Etrom: The Astral Essence is a really great game that received unfortunate reviews. Etrom is a sci-fi game, but there's plenty of magic and axe action.
Check it out here:
Etrom - the Astral Essence - Home Page
Also, you might want to check out Heuristic Park's previous game,
Wizards & Warriors. D.W. Bradley recycled a lot of game elements from W&W into Dungeon Lords. W&W shares many themes with DLCE and allows for a party of up to 6 members. The gameplay is turn-based at heart, but it's still action oriented. Even with dated graphics, it's truly an amazing game.
Etrom: The Astral Essence Wizards & Warriors
Both of these games are awesome. Check 'em out! They'll help pass the time until the Dungeon Lords expansion pack comes out!
-PitBrat