In my opinion, the biggest advantage of Heroes of Might and Magic V over Heroes of Might and Magic III is the diversity. Finally, the first two weeks are somewhat different for all factions. In Heroes of Might and Magic III, the first week is about building the capital, and the second week is about building a level 7 structure. Also, each faction has its own unique features, which is also pleasing.
Well, it would be absurd if, after almost 10 years (!) since the release of Heroes of Might and Magic III, nothing had changed in Heroes of Might and Magic V:)...so attributing this to an advantage of Heroes of Might and Magic V over Heroes