The first thing I think when playing this game is the next one. I mean, this one is fun, you can get into dungeons and all that, but still lacks something that the next ones would get great, a good feeling of progression.
You see, I don't like getting into a dungeon to find I'll need to come back nobody knows when. And also I don't like finding that after cleaning of monsters half of the continent all the ones left are too easy to kill. This makes me forget what I have left to do and what not, because the game is more or less open, and you end having a place full of completed dungeons, dungeons with something left inside, places containing dungeons you can't still beat and nothing to tell you which is which.
But otherwise is a great game. You must notice this is the first authentic Might and Magic. The first was a copy of the wizardry, and the second an attempt to get something new.
This is the first where you see monsters all around the place coming to you. And probably several other improvements I don't notice due to barely playing the second.
Still, as said, it lacks polishment because the magic... well, I don't want to keep saying bad things about it, just I'll say the magic feels mostly useless except for a bunch of spells. And you have lots of spells.
Just take this as what it is, a dungeon crawler, an action filled RPG where you break down doors and kill everything on the other side to get money and treasures. And contains lots of nice details, like the journal, or having a variety of weapons and materials that change their properties. It is somewhat hard to get used to if you don't have a hintbook or take notes, but is a fun way to give you progressively better weapons.
And of course the enemies are well drawn, and the places. So the game looks great. But above all, it's a fast and fun RPG to play from time to time without worrying much about anything.