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I'm talking about continuity.
The gameplay is "classic" hero-based. The combat system has been deepened, and various interesting features have been added, such as special racial abilities. There are indeed many innovations, providing more room for hardcore players. So, in terms of both continuity and development, it's all good.
However, in terms of story and design, it's a patchwork quilt. There are many borrowings from various sources. Considering the vast wealth of original concepts from the Might and Magic world, these borrowings can be justified only by "pop culture appeal," which expands the audience and increases sales based on the principle: if you're a fan of any of the latest popular fantasy games, buy Homm5, and you'll find many similarities.
The atmosphere is certainly present. I didn't feel anything intriguingly new or familiar in it. Everything is foreign and old, just wrapped in the turn-based format of Heroes V.