Ubisoft announced a new game of the Heroes series. From the press release:

"Heroes of Might and Magic Kingdoms is a strategy game set in a persistent version of the heroic-fantasy world of Heroes of Might and Magic. Thousands of players will be able to rule their virtual kingdoms, lead gigantic armies against each other, master the trades or create legendary heroes. The game requires no download or installation, only an Internet connection. In addition, players can play at their own pace; from 10 minutes to multiple-hour sessions."

A product page can be found here and a forum, here. According to Fabrice Cambounet, "the game itself is scheduled a launch next spring." A beta is scheduled for early 2008.