Gamastra posted the second part of a long feature about the history of computer role-playing games (also known as CRPGs). On page 8 they look back at the Might and Magic series, and its impact on the genre:

"The biggest draw seemed to be the immense size of the game world, Varn; there were over 4,000 locations and 55 areas to explore! Furthermore, the game was much more liberal than most in allowing players to explore the map however they wanted, rather than the fixed sequences of many games of the era. It offered first-person perspective and very nice graphics (though no animation).

Might and Magic pioneered several gameplay elements that would show up in later games like Bane of the Cosmic Forge, such as having the characters' race and gender play a strong role in the gameplay. For instance, one of the kingdoms in Might and Magic is stringently anti-male, and an all-male party will not be welcomed."

The first part of the feature is about the early years of the genre, from 1980 to 1983, but even I didn't play computer games back then.