Well lets see...
---I like how things are coming along. The oceans look much better now, I like the gradient as it is, and the same goes for the rivers. The compass in the bottom corner does look better than the previous reverse coin, but also could be taken out with you think it clutters it too much. I'm indifferent really either way. I personally like how the large coin is and where it is placed. I like the radiating circles. It looks so real that I could touch it and hold it in my palm.
---As for Elsweyr's countries being to hard to read, I think they are alright. I am not sure there is much you can do. Making the names lighter is almost worse because of the bright on bright. I think the dark on the bright works better than the previous version. Black Marsh's still could be darkened a little, similar to Cyrodiil. It also looks like 'Sancre Tor' is a shade of red different than the countries in the same continent.
---As for the embassies it's an interesting idea that could help set our map out apart from other ones. I particularly like that it is not needed to go for them, but simply and option that is there. As suggested earlier, either move all the embassies toward the inner of the continent or to a border, to help keep a uniform feel.
Looking close at how the embassies are placed, perhaps better locations could be...
>>>>Hammerfell's-- in Elsweyr
>>>>Skyrim's-- in Black Marsh
>>>>Morrowind's-- in Hammerfell
>>>>Cyrodiil's-- in Summerset Isle
>>>>Summerset Isles'-- in Cyrodiil
>>>>Elsweyr's-- in Morrowind
>>>>Black Marsh's-- in Skyrim
That would keep players from having to trek so far, but far enough. Also it would help move Cyrodiil's even farther away since in relation to the other embassies it was rather close.
---Perhaps make the border between Soulrest and Lilmoth clearer...Lilmoth can't attack Murkwood can it?
---Maybe even make the border between Sancre Tor and Fang Lair more precise.
---In Morrowind perhaps a bridge from Velothi Mts. to Vvardenfell, otherwise you nearly have to go in a one way circle to take over the area.