Fusible is reporting that Might and Magic franchise publisher Ubisoft has recently registered various domains for "Might and Magic Heroes Online". Considering how close we are to GamesCom and that the publisher should announce some new free-to-play titles at the fair, it seems likely that the title might be a social-oriented free-to-play version of the Heroes of Might and Magic franchise, as rightly pointed out by Fusible.
I can't say I'm enthusiastic about the idea, but I guess the franchise fits the model more than Ultima at the very least.