Those who haven't played the games yet should really be jumping on the Might and Magic series deals. Definitely one of my all-time favourite franchises.
Here's how I would rate the games looking back at the franchise as a whole:
* = Not worth your time
** = Worth buying
*** = Series highlight
Might and Magic Series: All of these games are first person, party based RPGs. The first 5 games are older turn-based games that came out in the mid 80s-early 90s. Starting with Might and Magic 6, the series incorporated real-time gameplay with the ability to switch to turn-based when you need more tactical control.
- Might and Magic 6-pack (***): You get the first six games in the Might and Magic series. If you don't mind retro PC games, this pack offers hundreds of hours of gameplay for $4. If you have a hard time getting into really old PC titles, I would still recommend this pack for Might and Magic 6 alone (which came out in 1998). Might and Magic 6 was one of my favorite rpgs of the late 90s (which had not shortage of great rpgs), and is one of the best games in the series. Might and Magic 3-5 are great games, but are a generation older. If you can get past the extremely dated interface and VGA graphics, there's a lot of fun to be had. Might and Magic 4 and 5 actually combine to make one giant RPG called World of Xeen, which has you travelling between the dark side and light side of a flat world. Might and Magic 1 and 2 are extremely old. If you can still enjoy games like Ultima 3, than there is some fun to be had with M&M1 and 2, but most people will likely want to start with either 3, 4 or 6.
- Might and Magic VII (***): Might and Magic 7 received slightly worse review scores than 6 when it was first released, but a lot of that was due to them recycling the graphics engine (and the fact that the games came out a year apart). In reality, I would say that seven is about as good as 6 is. It expands on the magic and skill systems from 6, and puts more limitations on which abilities each class type can learn, making your party choice more important. There are also branching light and dark morality paths that change the final portion of the game. This adds a bit of re-playability. If you liked 6, you will like 7.
- Might and Magic VII (**): Not as balanced as the previous two games, and a fair bit easier. Might and Magic 8 was really buggy when it was initially released, but almost all of those bugs were fixed by official and community patches. Might and Magic 8 is unique in that it lets you recruit vampires, minotaurs, trolls, and dragons onto your team along with the familiar clerics and knights. These races are not very balanced (having a dragon on your team is basically easy mode), but they are fun to play as. If you liked 6 and 7, you will probably like 8 as well.
- Might and Magic IX (*): Rushed, buggy, barren and ugly. Might and Magic IX was the first fully 3D game in the series, as well as the final mainline entry. Not really worth your time.
Heroes of Might and Magic Series: These are turn-based strategy rpgs. The modern King's Bounty is based heavily on HoMM (which was initially based on the original King's Bounty), so if you have played that, you know what to expect here.
- Heroes of Might and Magic 1 (*): HOMM1 and 2 were some of the first games released on GOG by Ubisoft. Back then, they were one of the few publishers trying to push $9.99 price points on all their titles. HOMM1 is not a bad game, but its sequels all improved on it and your $4 is better spent on them. I might have given it 2 stars if it was a $5.99 game (which would have made it $2.35 in this sale).
- Heroes of Might and Magic 2 (**): I would probably give this a 3 star rating if the price point was $5.99 instead of $9.99. HOMM3 is a much stronger game, but HOMM2 is one of the better entries in the series, and is worth playing for $4 if you have already gotten your fill of 3. A lot of the series conventions (such as hero skills, and upgradable units) started in HOMM2. Some of the events that take place in HOMM2 are referenced in Might and Magic 6, but the games are only loosely connected.
- Heroes of Might and Magic 3 (***): The best game in the series, and well worth your $4. You get the main campaign and both expansion packs. HOMM3 basically offers more of what came in the previous game. More town, unit and hero types, the ability to explore above ground and below ground, more spells and hero skills, etc. The story takes place parallel to the events happening in Might and Magic 6, and is sort of a prequel to the story line in Might and Magic 7. You don't have to play the other games to enjoy it though. There was (is?) a huge community for HOMM3 and several fan-made maps and campaigns exist. HOMM3 is one of the best PC games of all time, so everyone should at least give it a try.
- Heroes of Might and Magic IV (**): HOMM4 is not as good as 3, but I still enjoyed it, and you get a lot of content for $4. Instead of 1-2 larger campaign, the main storyline in 4 is broken into 6 shorter campaigns, each focusing on a different faction. HOMM4 made a lot of changes to the HOMM formula (many of which were derided at the time), and is set in a different world than the previous games. You receive the two expansion packs along with the main game in GOG's complete version.
- Heroes V (**): Heroes V was made after 3DO had closed down and Ubisoft had purchased the franchise rights. It has no story ties to any of the previous games, but plays a lot like HOMM3, with some of the better features of HOMM4 reintroduced in the expansion packs (which are also included in this package). Like 4, the story is told through smaller campaigns (5-6?) featuring the game's various hero factions. If you have issues with pre-2000 sprite-based graphics, HOMM5 offers more modern 3D graphics. However, if you are only going to play one of these games, I would save $4 and by HOMM3 instead.
- Heroes of Might and Magic Chronicles (**): A collection of 8 stand-alone campaigns that were originally released in an episodic fashion. These games use the same engine as HOMM3, but lack scenarios or multiplayer. The individual campaigns are short and fairly easy, but at 50 cents each they are worth checking out if you like the HOMM series.
Crusaders of Might and Magic (*): This was a 3D action rpg spin-off of the Might and Magic series. It was extremely linear, and not all that notable, even upon release. Being an early 3D action title, it hasn't aged very well either. Not worth your time.