I've never been a fan of Might and Magic... sorry but the M&M games always seemed really sub-par to me. The latest MM game seems really interesting though, and I'm excited to try it. Not interested in multiplayer though.
Now the Heroes of Might and Magic is a different story. Heroes II was great, Heroes III was perfection.
Heroes IV was a travesty that is best left forgotten.
Now, while I do not think that Heroes V quite captures the perfection of Heroes III, it still is a pretty good game that stays about as true to the series and what makes it great. It's not a remake of Heroes III, that would just be boring. It's a new game. Sure some stuff is different, but it's still good.
My biggest complaint about Heroes V is the 3D rotating world map. It's just too graphics intensive, and it chokes my PC.
Also, I think the graphical style of the game is a bit too "Warcrafty" for me. I think Heroes had its own distinctive style, and I think it lost a bit of it.
However, I do like the game itself. It's not Heroes III, but heck, Galactic Civilizations isn't Master of Orion 2 either