Ubisoft has just confirmed another Might and Magic title for the PC, Might and Magic Heroes VI and is slated for a 2011 release. Interestingly enough, the name of the game has been rearranged from Heroes of Might and Magic for some odd reason.
Black Hole will taking over development reigns for this iteration of the franchise. Previously, the developer responsible for Heroes of Might and Magic V was Nival. Black Hole has worked on PC games like Warhammer: Mark of Chaos.
The story takes place prior to the events of Heroes V, following the journey of an archangel out for revenge. Conveniently, he's underestimated the human race like any dastardly villain would.