Well, I think we can safely say now that after a decade, they decided to go along and make a true Might & Magic X. It is now time to worry. I wonder what will happen with this.
Game developers should be glad there is such projects, and just like in book/movie etc fiction there is always fan fiction, which unless author is pretentious snob is almost always if not even encouraged then at least silently allowed. Same is for games, and even more for game which have loyal community.
As for name- I think they should have chosen different one in first place(aside from IP thing, I think its unfair towards other projects like MMT and some other that were in making), well and now even more they should think of new one, or just call it children of the void.