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If we don't consider raw power, then Necromancer is the best! In all parts of the series (except for the 4th: who even came up with the idea to combine demons and undead?!) it was my favorite Castle, and I was afraid that in the 5th part they would ruin or pervert it, but thank God the game came out, I saw the Necromancers and realized that I was worried in vain... Of course, not everything is perfect, but there is no such thing as absolute perfection... The race has become completely different, it has acquired a different face, but at the same time, which is very important, it has not lost its essence and ideology... Of course, I was waiting for the return of the Dread Knights, but instead I got ghosts, and you know what, I'm not at all upset, it's a great replacement! New skills are also definitely a plus! They could have added more magic, but it's okay, for now, this is enough... And I won't even talk about the appearance of the city, it's just great! The only downside, which I think they will fix soon with an add-on or patch, is the small number of heroes and the fact that they are all somehow raw, without a soul... Remember Sandro, Tanta, or Tamika, and now look at these...
In general, it's only better than in the third part, and even then not in all respects...
By the way, which race is the strongest (I think that there is still not much balance in Heroes of Might and Magic 5 1.0, and some race dominates, I haven't seen all the races yet, so I'm asking)?