It's not as good as Conan the Barbarian or The Lord of the Rings.
Not sure I would want it to sound like Harry Potter, but it's not that level of quality either. I don't remember the music from 300, which may be a good thing and may be something that Elemental should aspire to. I'll explain...
Here's my opinion, from someone whose clock radio and car radio are both set to the classical music station, and goes to opera several times a year: Elemental's music is okay. It's nothing that I would buy a soundtrack to. Yeah, I'm a bit of a snob. It's not offensive, not right away, mostly it fades into the background, with some exceptions, like when battles starts up I usually remove the headphones at that point. The music is best when it doesn't try too hard. When it picks up the melody to try to create a sense of tension or excitement, that is where it falls short of the mark. For the most part I'd like to see softer background melodies. At least the in-game music nails the renaissance feel pretty well.
Put it this way: a bigger music budget wouldn't have hurt, but I'm not expecting Stardock to hire Danny Elfman. If I interpret "melancholical epicness" as "sounds like Lord of the Rings," I'd say, in general the music tries to be something like that with a little more of a renaissance festival flair, and you might like it.