FlamingJ: All this talk of Elder Scrolls in a Might & Magic thread makes me think that maybe the ultimate M&M game would basically be Morrowind but with a 4-6 person team.
To me, the series are very different. The Might and Magic games clearly grew out of the "dungeon crawler" mold, all about exploration and fighting and not so much about characters. A Might and Magic party is little more than a set of statistics, really. They don't converse, or have any personality, all that matters are their stats and skills and how those help with combat and exploration.
The Elder Scrolls series instead lets players define their character as a person a little more. Players can be virtuous or evil, they can steal from people or be charitable, they can choose if/when to help others, etc. Of course, the Elder Scrolls games (especially the later entries) also have little consequences for one's actions, so it's not nearly as character driven as a series like The Witcher, and the writing isn't necessarily the best. But I've always felt that their main draw was a big world that the player can inhabit and do whatever they please. Thieves can join the thieves guild, mages the mages guild, etc., or ignore that and wander around, whatever you want to do. Any given player character is unlikely to see and do everything in the game (except, perhaps, in Skyrim), but players can make new characters and do different things. And of course the strong support for mods also fits with the "whatever you want" philosophy.
In Might and Magic, there isn't really anything to do except explore and fight. Players will eventually explore everywhere, gaining power and loot and conquering every dungeon, solving every puzzle. Sometimes there are optional challenge dungeons, but those are usually just for a challenge, not for different character builds or roleplaying.
Basically, I play the two series for different reasons and I'm not sure they'd combine very well.