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The size of the humanoids still looks very strange. For example, in the Dark faction... assassins are smaller than the Mistresses, what the heck is that? Are they a different species? And humans are bigger than them, it's just nonsense...
And the cutscenes in Heroes of Might and Magic III were better, especially the endings of the campaigns from The Restoration of Erathia... it was like a movie.
And in Heroes of Might and Magic V... (referring to the videos at the beginning, end, and during the campaigns).
Still, the graphics are a drawback, although they aren't the most important thing in the game.