I remember loading MM7 on occasion just for a few rounds of Arcomage :)

Cant wait for MM6.

Sweet llamas of the Bahamas!!
HOMM3 is, without a doubt in my mind, the peak of the HOMM series, and I'd unfortunately lost my HOMM3 Complete CD about 6 years back (well, loaned it to a friend and forgot to get it back before we parted ways). Will be an instant buy the moment it is available.
And I've had my eye on several of the Might and Magic games for a few years after hearing many good things about them, waiting for them to be released at a reasonable price and in a format that is reasonably guaranteed to work on modern operating systems. Now if only an awesome company would do this. Oh wait... sold!

Am I correct that the M&M games (perhaps particularly the early ones) have a pretty masochistic difficulty level? How do they fare compared to, say, Wizardry and it's insaneolainen difficulty?
I hate RPGs where you just fucking die from walking into that spike trap you had no chance of seeing, or suddenly getting ambushed by 7 Elite Soul Eater Matriarchs when all you were expecting and geared for was a Diseased Wolf.

I haven't tried anything before 3, but that and above is easy compared to the Wizardry games.

As to MM, I've only played the 4&5 Xeen Games and MM7.
They are reasonable on the difficulty area, though monsters are levelled to their zones. Walk into a high level area and expect to take a beating if you are not high level yourself.
But if you follow quests/areas in a set method, it's fairly easy to clear the whole map.

are the campaigns in the homm games that good that one would buy more than one of them?
since mechanics are more or less the same and 3 was the pinacle of the series (well, imo that is), only thing that could make me buying one and/or two too would be campaign. :x

Heroes 2 is very good. If you have to choose between them for now though, go with Heroes 3. Heroes 1 is inferior and more a collector's item, although not a bad game unto itself it fades a lot when sided with the second and third installments.

I haven't played 1 or 2, but the rest are nothing like the early Wizardries. In 3-5, combat is frequent but fairly light. As long as you're not wandering someplace where you shouldn't be, you won't be overwhelmed, though some areas can be pretty challenging.
The dungeons are loaded with traps, but they're fun to find and negotiate. Trapped objects ("Who will drink from the fountain?") will hit one character with damage, poison, etc. and may kill them outright; traps on the map (swinging blades, pit traps, etc.) will damage the party, but I don't think there are any party kill traps (there are also spells that can absorb damage or jump you past the trapped squares). You'll want to save before you go drinking from random barrels, but aside from that I think it's very well balanced.
MM6 is a bit different. Usable objects are still trapped, but world traps are almost nonexistent. You will, however, fight massive groups of enemies, often numbering a dozen or more. That can often be difficult (and tedious), especially early in the game, and you'll often need to retreat and regroup in order to clear a room.

Well, that's hardly saying much, is it? The Wizardry-games were created by sadists.

Especially Wizardry 4 with the darkened rooms filled with moving invisible walls...

I never thought I'd see the Might and Magic games released outside of expensive preowneds on ebay and amazon!.
I'll be buying every single one that gets on here - they don't make them like those anymore :)
I would buy the later Wizardry and Wizardry Nemesis game(s) as well ;)

You can also play with the angles of the 3D, enabling some of your party members to shoot arrows or magic on foes while those foes aren't able to hit you. Low technique, but when you're low level, it's quite useful. Think about this temple of Baa in MM 6 when you touch the gong it summons around 30 or 40 skeletons of various sizes and ranks... ^_^

You can, but unless you're outside and using the meteor or starstorm spells, it's really, really tedious to wipe out monster packs from a distance. When I summon the skeletons in the temple, I do climb up to the overhang that they can't reach, but then I jump down on the other side, leave, and come back in a few levels :p