Quoting Sanati, reply 8I'd really have to play it to know for sure. From what I've seen in screens and videos it essentially looks like a WoM mod. It's the same core game, the same major assets, the same layout, it's just been modded a bit (or a lot) with some alternate gameplay rules and some new spells and monsters. Basically if you look at FE screens next to WoM screens, you can't really tell the difference, other than some purple terrain and some UI changes, so I think passing it off as a "new game" will be a hard pill to swallow for some. Standalone expansion is probably the safest bet, but at the same time any connection at all to WoM will probably keep some people away.
Wow. Sorry but I don't think most people would concur with that. There's land, it shares a similar art style. But that's about it. I guess we'll just have to wait until the beta.
But that's what it looks like to me too, I also am not in beta yet. Maybe most people who play it, maybe me included in the future, see it as a completely different game.
But this thread is about what to call it and how to market it in the stores for people who already have NOT played it, right?
Well this is what it looks like for us. We see a couple of screenshots and a features list stating that it has been redesigned gameplaywise from the ground up. But the end result is still that it looks like a WoM expansion. Just in terms of our own shallow unresearched first impressions. If i actually play it i'm sure i will be impressed. But all of the people who already played it and loved it wont care what it is called, it is the new people / WoM disappointed people that needs to be brought in, right? 
So I say just call it Elemental: Fallen Enchantress. Make a big deal about it being a NEW game in every way, make comparisons!
Compare the changes (i don't know how valid this is, but just giving examples) between WoM and FE as the changes between Galciv2 and Twilight (in terms of the tech for instance, radical changes).
And as i said previously, put the name of the Civ4 Fall from Heaven mod on the friggin box. Make a big note about it being co-developed with that modder.
Trust me, anyone who is interested in a 4x strategy game will put alot of value on that sort of thing..
If a cynical gamer that felt ripped off after buying WoM just sees FE in the store (virtual or not), they may just discard it without giving it a chance.
Heck, the best thing would be a time-limited demo or a demo limited to small maps and 1 playable race.
Point is, i'm sure as hell playing this asap. But i see no reason to give it a new name, it just annoys gamers. We all know it is built on a new evolution of Elemental. Elemental is a good brand name anyway, most people who were disappointed WANT it to be great. That's the nature of strategy game fans, we so badly WANT these games to be great. So seeing Elemental: Fallen Enchantress with a big deal made about how it is changed, is sure to bring more interest than just something completely rebranded and alien that people might completely miss.