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In conclusion, the magic system in Heroes of Might and Magic V is very well done. Although there are fewer spells in Heroes of Might and Magic III, in Heroes of Might and Magic V they are more organized and versatile, plus there are special places for: Rune Magic, Battle Cries, and special activated abilities. If you put it all together, you get a rich and extremely diverse set of "spells" in Heroes of Might and Magic V. After all, everything that is in the spellbook IS one!
Added 1 minute ago
Oh yes, I almost forgot about Field Magic, of course!