Few months ago I bought Morrowind Game of the Year edition (original game plus the two expansions), bought a better computer to pillage the heck out of the game, and you know what was my conclusion? Might and Magic is better! In Morrowind everything is just too much, you can do everything you want and at some point it becomes boring. I finished all three main quests, became guildmaster of all possible factions, completed zillions of quests, explored miles of wilderness, trained my character up to level 150 who already is more or less a god. After reaching this point I can surely say that ol' good Might and Magic is still better.
I don't remember ANY time, when I got bored playing ANY M&M game (well, maybe except the older ones). Enough with Morrowind, it's time to go back to some proven values.Final conclusion - Might and Magic still rocks. 
Does anyone disagree with me? 
P.S. And happy new year to everybody!