kvltd00d: Thanks! I've been wanting to play the Might and Magic series, especially VII. My only deterrent has been that I think I'll run into the same situation I ran into when trying to get into TES: Daggerfall... Daggerfall required a lot of out-of-game research for me to create a character that I could enjoy the game with. I could be wrong, and please do correct me if I am.
Bookwyrm627: The default party is plenty sufficient to get you through the game. Tips/advice for how to spend skill points are easily available if you make a post in the MM subforum (or just browse some of the threads there, since character/party discussion happens periodically).
This is actually true in many of the other games in the series. The biggest exceptions I can think of are as follows:
MM2: The Cleric in the party is slow, and therefore doesn't get a chance to cast a spell like Bless before he constantly has to heal. Also, the gender balance is off; you should either make a female Knight or make both your Paladin and Cleric female. (There are some enemies that are immune to physical attacks from characters of one sex (does this make any sense at all?), and Personality can only be boosted for one sex at a time.)
MM3: The default party has no Druid or Ranger, meaning no access to Walk on Water. Given the fact that the world map consists of a bunch of islands (just look at the subtitle of the game!), this spell is kind of important. (I recommend replacing one of the front line characters with a Ranger.)
Swords of Xeen: If you are going to play this, the default party is rather poor; it includes both a Robber and a Ninja, and you don't want either in this game. (Also, Swords of Xeen is *not* a good introduction to the series; at least play World of Xeen first, and even then be aware that SoX has a bunch of scripting bugs and balance issues that may be severe enough to make the game not fun for many players.)
(World of Xeen's default party, while not 100% optimal, is definitely sufficient to get through the game and have fun with it.)