The Might and Magic Tribute project appears to be doing good progress despite some problems. As you may remember, the project's founder Sir Felgar disappeared several months ago and his team could not update the official Web site. The latest update by the new project lead Ribannah mentions that some programming has been done, using C# and XML. Many gameplay elements are already final or near final. A new demo of the game is available with the new version (0.6.2) of the RealmForge engine. It shows a barren version of the first map, and a number of objects that can be placed there by using the in-game editor.

The RealmForge engine is a 81 MB .rar archive. You might also need to update your installation of DirectX as well as download version 1.1 of the .NET Framework. All the information you need can be found in this forum post. Let's hope the MMT team will keep making good progress.