The HOMM series was based on the core tactical battle system of King's Bounty but with a lot of changes and additions: RPG elements, building up of towns and cities, etc. Most significantly, on almost all maps, the HOMM series played a lot differently than King's Bounty.
King's Bounty still holds a special place in my gaming memory: it was the first game I ever stayed up all night to play, going bleary eyed to classes the next day.
It was possible to use the HOMM editor to make a HOMM map that played very much like the old King's Bounty. I actually made a map that did just that for HoMM II. If I recall correctly, it was called something like "Valley of the Titans". I remember posting it up at Rob Merritt's old Might and Magic site. I got tons of email from people who downloaded and played it: a LOT of HOMM players really liked the more King's Bounty-esque gameplay.
So news of a new game using the King's Bounty license definitely perks up my interest. I bounced off Space Rangers 2, but the design was quirky enough that I will follow news of this new project with interest.