Heroes of Might and Magic V is planned for a Q2 2006 release. Although, it is the fifth installment in the series it is being developed and published by new companies. Whereas the previous iterations of the game were developed by New World Computing and published by 3DO, Heroes of Might and Magic 5 is being developed by Nival Interactive and published by Ubisoft.
Heroes of Might and Magic V takes place in an entirely new universe, whose foundation rests on the Dragons. The Dragons influence the religion, cosmology, philosophy and magic of the world. Currently, there are six factions planned for the game each of which associates itself with a Dragon.
Although, the series is now under new ownership the basic premise of the game remains the same. You lead a hero on the adventure map collecting gold and claiming mines in order to build up your town and raise an army. Your ultimate goal is to defeat your enemies by conquering their castles. The most dramatic change is that you will now be doing all of this in a 3D environment.
The main campaign focuses on Isabel, who is the child of nobel parents. She has just been betrothed to Nicolai who is the ruler of the Holy Griffin Empire. Shortly after, Nicolai dies and a total eclipse follows which allows Demons into Isabel's world.