Old school fans rejoice! I recently found out yesterday, Ubisoft is reviving the series after a long wait. As a fan of the series, I will be picking this up day 1. It currently has a sceduled release for late September this year. Though, there is only a short teaser trailer on the site so far, it does look promising.
Check it out: http://might-and-magic.ubi.com/mightandmagicx-legacy/en-us/home/index.aspx