Looks like guys from Russia decided to do some work on the classic Might and Magic games. If I understand well, for this purpose, they have some powerful modding tools. The currently ongoing projects include:

• Might and Magic 8.5 - an extended version of original Might and Magic VIII: the Day of the Destroyer, which includes new classes, spells, abilities, graphics and more;
• Might and Magic 6,7,8 remake in which the authors plan to merge three MM games into one, humongous adventure.

They also have some finished MM mods: Might and Magic 7: Maestro mod, Might and Magic 6: The Chaos Conspiracy.

I've heard of MM8.5 project some time ago and thought it no longer exists. Seems I was wrong. I wish them luck and must say that I can't wait to see the results of this endeavour.

You can follow their progress in mmgames.ru