Made on the same engine only with improved performance, Might and Magic 7 is essentially MAM 6 with a new non linear story and a few new classes and features, even with it only being a semi expansion it still received high scores on major game review sites.
Features options always running or flipping on exit (from buildings) it adds quicksaves, changing controls, playing MP3 tracks, double speed mode, mouse look, and many other useful possibilities.
Found on GrayFace's page, who released many versions of it over the years... and doesn't seem he's going to stop anytime soon. Visit the link for much more information, FAQ, changelog, versions for other languages, and more mods/tools for Might and Magic games.
To install launch the installer and point to Might and Magic 7's installation directory and then launch the game as usual.
Starting a new game is recommended.