Ubisoft sent out a press release announcing that Heroes of Might and Magic V is in the works at Nival Interactive (Blitzkrieg, Silent Storm, Etherlords) and is scheduled for release worldwide in early 2006. The new game will offer a wealth of innovations such as a highly immersive scenario, a variety of appealing factions, modern 3D graphics, a revolutionary tactical combat system, and a story-based campaign mode. The first screenshots can be found here.