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The fourth installment is the best, while the third one is disappointing. It's a hundred times better than the third. The lack of upgrades (meaning you don't even need to worry about aging while developing your city :-)), a huge number of spells (enough to fill all the shelves of a vast library), tactics (skills, building choices, simultaneous attacks, and so much more), and finally, ultra-mega heroes participating in battles. That's why I love it.
What's your opinion? In my opinion, it's the best game in the series, period.