Found on the Infinite Interactive forum is a post by Steve Fawkner about the status of Warlords V:

"Warlords V exists as a bunch of documents & ideas at the moment. We came up with a lot of really great stuff, but there is just no interest from publishers in developing PC-only strategy games unless they are Civ or Warcraft, etc... Well that's not exactly true... a lot of publishers would LOVE Warlords 5, but nobody is willing to risk the budget that it needs to do it right."

A few posts later, he notes that Ubisoft, publisher of Warlords 4, isn't interested in the Warlords franchise now that the company owns the Might and Magic license. However, Fawkner hopes Walords can benefit from Puzzle Quest's success and possibly enter the console and handheld territory.

Developing strategy games isn't as easy as it used to be...