I played this one a lot. The 3D Mode is indeed useless. But from the technical point of view the graphics engine is very good for such an "old" game. I couldn't play it in high resolution at the date of release because the system requirements where extremely high for high res mode.
By the way. In multiplayer mode it was more a tactical game than a shooter because human oponents allways attacked the ballons who carry your hard earned mana to your castle. So you had to protect them and exterminate you enemy.

Feel free to share anything about Magic Carpet (1994) here!