Do you still play Heroes of Might and Magic III after the release of Heroes of Might and Magic V?

You're wrong about Heroes of Might and Magic IV. Its only drawback is the AI level. But if you play against another player (which seems to be the intended way), it's actually quite good. And the balance isn't broken in any way. You can't call it a continuation of the series, but as a standalone game, it's very good. You just need to get used to it, instead of giving up after three losses to the AI and calling it a disgrace.

I like Heroes of Might and Magic IV more than Heroes of Might and Magic V. But Heroes of Might and Magic III has no competition and probably never will. :)