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

I'm more a Xeen person but I'm happy these games are still getting attention from hard cores. Looking forward to hearing updates about this.
 
Seems they're concentrating on the new stuff.  My dream's to have something where you could basically create your own older-school MM style game with whatever graphics and rules you could come up with. Not really concerned if no one would want to play it. I would! :)