Ple-Sen
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There wasn't a "Heroes of Might and Magic III" twenty years ago, you're high. In 1996, only "Heroes of Might and Magic II" was released.
Anyway, here's my ranking:
"Heroes of Might and Magic I" - a downgraded version of "Heroes of Might and Magic II".
"Heroes of Might and Magic II" - fairytale-like, a world of monsters, fun gameplay.
"Heroes of Might and Magic III" - stylish, fun gameplay, online mode.
"Heroes of Might and Magic IV" - ugly character models, a funny intro in the expansion, fun gameplay, questionable style, and a completely broken balance.
"Heroes of Might and Magic V" - a world of silly monsters, fun gameplay, heretical 3D, questionable style.
"Heroes of Might and Magic VI" - Kirill, Anton, Anastasia, Irina, and Sandor.
"Heroes of Might and Magic VII" - ?