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In Heroes of Might and Magic III, the path to Combat Alchemy (CA) has been significantly improved. However, I prefer to get "Readiness." With large armies, 3 hand-to-hand attacks instead of one don't make much difference. Plus, you have to spend time setting up the watch during battle. I rarely set it up.
For Necropolis, CA is twice as useful if the enemy has "Empathy" skill.
For Mages, CA allows you to not level up magic at all. Instead of 1-2 schools of magic, you can take something else. However, it will be bad for a mage with un-leveled magic if they are attacked before they get CA.