The only problem is that Heroes IV -- which was just a tad more successful (and thus a little harder to wave off completely) -- shares the same chronology.Not that it much matters, anyway, as UbiSoft is pretty much scrapping the entire MM timeline. (Too "hard to follow?" Too "inconsistent?" PLEASE!)
Actually, I guess when all is said and done, we're left in a fairly enviable position. With fan projects like MMT, we can now explore the world of Enroth/Erathia/Jadame (and now /Karigor, too) to our heart's content.
So, um... yes. That is an excellent way to look at things, good sir.