Might and Magic: Heroes Kingdoms Revealed

Despite the fact that we've never even heard of it before, Kotaku brings word that Ubisoft plans on releasing a Might and Magic MMORPG subtitled "Heroes Kingdoms" early next year.
Ubisoft chairman Yves Guillemot told a group of investors and industry executives in New York today that the publisher of Assassin's Creed is developing games in new genres for the company, including RPGs, sports, music, and fighting games.

Speaking at the BMO Capital Markets digital entertainment conference, Guillemot did not offer specifics though he did peg the release for Trackmania 2 next year.

The company is also working on a Might & Magic called Heroes Kingdoms for early next year as a fantasy MMO.
I wonder if this is one of those Korea-only titles they've been talking about for awhile.