RPG based on Might and Magic.

Well, in general terms, it was like this. Axoth was originally linked to the M&M universe, but not with Enroth. The 3DO folks certainly stretched things too far in Axoth after 4, but one thing is encouraging: in Axoth they didn't warp the universe as they did in Chronicles. However, the action series was apparently very heavily influenced by Canigem's developments. Perhaps that's why it was successful in terms of plot.

Just leave those Chronicles alone; it was the last chance to make money off 3, and since they had little sense but wanted a lot of money, that's what they wrote.
I wouldn't take the chronicles into account at all.
And as for the action series, unfortunately I haven't even played it =) Somehow I installed Crusaders MiM about three years ago, played for a day and realized it was an arcade (action) game and not like MM6,7,8 and deleted it.