Which faction do you like the most in Heroes of Might and Magic IV?

It's quite interesting here. I even understood some words, like "CD," "ifrit," "gnome," "golem"... Are "nightmares" those creatures that look like horses with a gorgon's gaze? :o
And can't you do what you could in Heroes of Might and Magic III, where you level up your main hero and then ride a dragon/ifrit, while letting the gnomes be fodder for the horse? :o