Summary
Ignored because of dated graphics
The Good
Everything about this largely ignored game works despite infamously reusing the M&M6 graphic engine. I'll just talk about one aspect, atmosphere.
This one may be the most atmospheric Might&Magic in the whole series; no, I'm not exaggerating. Tinting and colored lighting seems to be a great help. The Abandoned Temple finally feels like an abandoned temple and not like papier-mache cutout. Alvar feels like a small town and not like a set of polygons. There are little touches here and there that were largely absent from previous parts: like a tiny park in Alvar with a pedestal in the middle that glows in the dark; or the tomb near Ravenshore with the eerie red glow on its top. Also, we've got more varied landscape, more detailed textures in general.
As a result, one feels sucked into this world instantly, something that may not quite work with previous parts.
The Bad
True, it is all less than original -- variation on the age-old theme really: questmaster>dungeon>monsters>questitem>questmaster>levelup. And there are still problems with NPC interaction (or lack of). Villagers are still drones telling us the same lines again and again.
Many players label this series 'pure RPG' -- and quite falsely. M&M8 is still closer to the action genre than to the all-immersive, in-depth role-playing experience embodied by the Ultima series.
The Bottom Line
I for one enjoyed M&M8 more than M&M6 which, despite being a lot more popular, feels stale and spartan in comparison. The designers were in absolute control of their engine the third time around and felt free to experiment with it -- to the benefit of the player. It's okay to pass on M&M9, but M&M8 is an appropriate swansong to a highly esteemable 15 year-old series.