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Personally, I believe that we will have to wait a long time for the sixth installment of Heroes. Heroes is not like NFS or Call of Duty, where you play it twice and then wait for the next part. Heroes is like chess; you can play it and play it endlessly without ever fully mastering it. The random map generator, Map Editor, and the ability to play with two players (even on one computer) are what will keep the game alive forever...
Ubisoft has already earned a huge amount from sales and will earn even more. And now, they can relax for 3 or 4 years and continue to profit.
As for Might & Magic 10, I believe that Ubisoft is not capable of creating the kind of Might & Magic that we all love...