Eurogamer has an interesting article about an "Oblivion-style RPG" which was in development at Ubisoft Shanghai two years ago. The information was found by a Twitter user on game designer David Kristofer Fried's LinkedIn page.

"Game design and several story passes for unannounced Heroes of Might and Magic game, which began as an RTS and was changed to an Oblivion style RPG before being cancelled."

There goes, maybe, our last hope for Might and Magic X.