What were your expectations for Heroes 4?

In my opinion, it's completely incorrect to compare the balance of factions in Heroes of Might and Magic III and Heroes of Might and Magic IV.

Correct, ZYbr, correct. This is just a comparison of the equivalence of starting conditions. It's even correct to compare it to the color in chess. Starting conditions are starting conditions, no matter what the game is called. And what the game emphasizes – that's a secondary matter.