Call of the Warlords II
Developer: Gamalocus Studios
Website: www.cotwarlords.com/main.php
Price: Free to play. $10 for 30 game sessions or $10/month for advanced features.

From the website:
Persistent Game
Online multiplay. Invite your friends. And then destroy them! Leave the game and come back later to issue new orders. Stay online and command heroes and armies in conquest of regional capitals, dungeons and mines. Each game lasts 2-4 months.

Two Timelines
You make trade routes, espionage and move armies on a 3D map in a smooth fast tactical mode measured in minutes while building your infrastructure and power base at a slower strategic pace measured in days.

The Battles
Room for up to 100 players in each game. Each map has regional capitals and the Imperial City available for conquest. The kingdom team that holds on to the power the longest will win.

Massive Warfare
Move armies into combat using more than 160 different troop types of 6 different fantasy races. Customize them using more than a 100 skills and spells.

Many more features.  For a complete list check out their website.