Those of you that enjoy both the HoMM series and online games might be looking forward to the upcoming game Heroes of Might & Magic Online. It will be developed by TQ Digital Entertainment, a Chinese company that specializes in online games.
HoMM Online will be a turnbased MMO with gameplay elements from the HoMM III universe combined with HoMM V graphics, all in 2,5D.
The game will feature 8 factions, 16 classes, 56 creatures and hundreds of campaigns.

HoMM Online will be free of charge. Betatesting starts in the beginning of May, and a visit to the official website is definitely worth your while:
Clickety here :)