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Fifth, there are imps, little devils, doggies... Doesn't that remind you of anything? And what about the graphics of the fourth game – for example, black dragons. Well, if that black dragon were in 3D... The kids would burst into tears and run away from the monitors...
Kids who can turn on a computer and load a game on their own won't run away from 3D black dragons or 4D ones, I assure you. So, let your colleagues from Ubisoft have one more chance to make a "big mistake" with black dragons before you judge the trends in 3D graphics for the Heroes series. Okay, maybe the graphical depiction of demons and gremlins made you think that Pokémon is just around the corner, but what's wrong with "doggies"? And there's also Rajah-Rakshasa, Nightmares... I won't talk about the plot, because everything has already been said.
Added 7 minutes later
Let's define what we are comparing and how. We are comparing HoMM V with HoMM III as a continuation in general (which cannot be said about your example of "Shrek" and "Hedgehog in the Fog").
I think we agreed a couple of posts ago to talk only about the graphics, leaving aside the plot and "spiritual" aspects. So, the example is quite appropriate here. As for the essence, see above.
Added 7 minutes later
it is quite correct to compare them, at least because the fifth game is a direct continuation of the third – and also because the third game was the first to use 3D, despite the low resolution and pre-rendered models, they were still created in 3D in the beginning =)
Well, forgive me for not knowing such subtleties.