In the state it's in, IMO it's a long way the weakest of the second-generation Might and Magic games. But I do recognise it has some good points. For example, MM7 is generally recognised as a very worthy follow-up to MM6, and some people consider it better. For me, the inability of any party to gain access to both Light and Dark magics kills 90% of the enjoyment, but I still recognise that it's a superb game - the battle when a Light party enters the Pit must rate as the best fight in any of the Might and Magic games. It's even better than taking on the megadragon in MM5. I just happen not to like it all that much.
