While there's a new Might & Magic game on the way for the DS, those looking for something more...substantial will be happy to hear that Ubisoft's Shanghai studio are working on something called "Heroes of MM".
A listing for a job opening at the studio says that they're developing "Heroes of MM", which is described as "a brand new fantasy RPG title for the PS3, Xbox 360, PC, and Mac".
So, yeah. No subtlety there, no smoke and mirrors, no code names. Looks like a case of a straight-up "hey, wanna work on a brand new Heroes of Might & Magic game?"
Now, whether this is Heroes of Might & Magic 6 or another spin-off game like Dark Messiah, we don't know. We don't know anything except that stuff in the job listing! But we've contacted Ubisoft, and will update if we hear anything back.