I came across this story on reddit. If it's to be believed it makes me very happy. I consider Age of Wonders to be the successor of Might and Magic no game series has ever come close.
http://www.reddit.com/r/Games/comments/u7r28/development_of_age_of_wonders_3_is_very_probable/
http://www.reddit.com/r/Games/comments/u7r28/development_of_age_of_wonders_3_is_very_probable/