Heroes II was my favorite game of the series. From the music, to the gameplay, to the graphics- they all have class. Heroes V, at least from the initial shots, looks like it is continuing along those lines. I am excited about it! and hope people will compare Heroes II screens with Heroes V to see that there is a lot of similarity (and consequent hope).
...The only thing that does concern me though, is the town selection. I am not all gloom and doom about it, but I just don't see how some really important faction will not be short-changed or excluded all together (although an expansion might fix the problem ). The Knight, the Inferno, and the Nature town are already confirmed. However, there are still the Barbarian/Fortress, the Wizard/Titan, the Chaos/Dragon, and the Necromancer castles- and only 2 more slots to fill (since the new town is supposed to be completely different...though I suspicion it may be a hybrid). Nevertheless, that means that some faction is going to be short-changed, unless Ubisoft can pull off a true design feat!!! and they may be able to!
In the end though, I am hopeful. If they just get the gameplay and atmosphere down, then that is what Heroes has always been about.