Hi all. Sorry I've been scant of late. I got The Sims2 for Christmas and have been on a 2 month long Sims binge. lolAnyway, here are my thoughts on the matter.
1) MMT was something I had wanted to work on, but sadly my real life got in the way. I always meant to write to Felgar and tell him, but as a few people around here can attest to, I'm not as good at answering e-mail as I should be.
2) As for the old MM games, I've found many times over the years that they are very replayable. I did a Might and Magic 8 shortly before Christmas, and I may do another one soon. Or maybe even 9 again. I'd need to re-downlaod all the MM 9 patches to replay it though (place shameless request for links here).
3) the MM8 modding project, which I assume (correct me if I'm wrong) could be retro fitted to MM7 as well, may still have some life in it. I've had ideas, but lack the time to really put any energy into it. But others who have the energy may turn up something worthwhile - like a quest for the Druid Power Circlet (hint, hint).
4) Ubi-Soft may still pull through with MM10. Frankly, I had expected to hear news on that front back around Dec., and I admit I became discouraged when none came. But it did cross my mind last month that Ubi may be waiting to see the specs on Oblivion (Elder Scrolls 4) to determine what would be needed for the next generation. Or they may even be discussing a licensing deal for the Oblivion engine. Who knows what's going on behind the scenes?
Is Might and Magic dead? I don't know. But dead or alive, I'll always have very fond memories of this franchise - memories that go back to the 1980's. You know, sometimes I wake up in the morning with a slight urge to play Might & Magic 1 again. 
