The excellent History of CRPGs feature at Gamasutra is now complete with the publication of the second part, which covers the 1994-2004 period. That's when New World Computing created a masterpiece (The Mandate of Heaven), but also drove the series to the ground with the abysmal Might and Magic IX:

"The box promised "stunning" 3D graphics, and they were--indeed, who could believe that the company would release a game in 2002 with graphics that looked little better than Mandate of Heaven's, published four years previously. The game world also feels cramped compared to its predecessors. Applying the term "artificial intelligence" to the game's non-player characters results in an oxymoron.

Finally, there are more show-stopping bugs in the code than there are blocky polygons in the game. Suffice it to say, Might and Magic IX is just as tragic a way for a grand old CRPG series to end as Ultima IX: Ascension."

That summary brings a lot of good memories: Ultima VII, Baldur's Gate, Ultima Underworld I and II, Neverwinter Nights...