Stardock did stop patching the original Elemental and they did refocus all effort on Elemental: Fallen Enchantress.
But to be fair, anyone who purchased Elemental way back when are getting E:FE for FREE. So, in a way, they DID fix up Elemental and the update didn't require further purchase.
I've played the recent beta and it's fun and vastly improved from the original. I totally regretted purchasing Elemental way back when, but now that Stardock delivered on the updated game, I'm happy since I now have a fun product to play for the $$$ I coughed up.