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There are actually two upcoming Heroes of Might and Magic for online play coming out. They are totally different: one is from France and the other is Asian.
The asian one "Heroes of Might and Magic Online" is somewhat similar to Heroes of Might and Magic III, in that it has maps, turn based combat, and even uses some of the exact same graphics. There are many problems with this game. I won't go into all of them but I will list the main reasons I wont be playing.
First, its not multiplayer. There are maps that you can walk your hero around with other players, and chat with them, and you can duel other players, but the actual game, where you run around defeating monsters is not a shared experience. The closest you get is a big map where you move from battle to battle at the same time as you friends, but the battles are separate.
I could get past this.
However, the battles are very very easy. I played about 10 hours 'with' a friend, and never lost a single battle. Always on auto-play. I rarely lost any troops. After that much time, we never figured out what the point of the game is. You run quests and get loot, and over days slowly upgrade your castle. For me, the only possible purpose for grinding all this out would be to play in arenas and duels.
The key problem then, is that this is a micro-transactions game, and the good loot is purchased. Thus, this is the epitome of an asian grinder: you grind for literally weeks and weeks and spend real money on in-game items so you can, i guess, be uber. To what end I have no idea.
Overall, its plausible, though unlikely, that someone would have fun playing this game.
The French one, called "Heroes of Might and Magic Kingdoms", is ... inexplicable. Apparently the idea of the game is to compete with farmville. Sounds like a great idea! I played this for about 5 minutes...and then had to wait 2 hours for my next turn...
Kingdoms is not a lot like any of the previous Heroes of Might and Magic games. Ignore that its a web-based game. Ignore that the graphics are not so great. The game play is not like any heroes before it. You click on a few things, and then literally have to wait hours for anything to happen.
Horrible. Its horrible.