Whilst I am very very pleased with this announcement surely after 3 games with the same engine it is time for something completely new. You've got the most out of KB:TL, now it's time for an overhaul.

I want KB2 please.

I`m not for overall change, but some slight combination.
Expl : all classes have (almost) same medals, why ? Make different class different playthrough, i personally in every game get pet to 60+lvl, and rage medal to max lvl. Change medal advancement so getting some medal unlock other choices then after those you get other etc . . .
Change spell effects as in how they depend to item and some hero skills (not just order/diss/chaos skill lvl`s).
As i said on my previous post unit exp unlocking talents, something like orcs adrenaline. Now ppl kite islands get dragons and from first battle have strongest units in game, with my idea you`ll have to win some battles to get units to be usefull.
New items, but no totally new, just upgrade already existing to be useful later in game (i did this to couple in red sands and it interesting to think new item ideas).
AND PLS SOME KIND OF MULTIPLAYER.
Playing against AI is interestng just up to some point, but after trying couple army/skill builds AI just isnt enough for testing our tactics :-(

There is (in development) KB: The Legions for MP games. Another game.

@Mandea : pls tell me your not thinking on that piece of crap on facebook !!!

I don't know the details as I'm not interested in MP games.

Wow this is good news... I would surely try this one soon... Hurrah to King's Bounty!

This is awesome news!

Though I must admit, I did not finish the game yet with the Crosswords addons, I really like this series. And just like with Might and Magic, I don't think we need a new engine. Milk this dry, until they can... it's the game mechanics that count, not the graphics (which are great, anyway).

The norse setting is interesting, hope we get some mythological creatures too, like the Fenris Wolf as a wolf upgrade, or a Lindwurm, or two-headed trolls/ettins. The Valkyries will no doubt work like that mod's Beholder pet, aka units you can use on the battlefield.

Awesome news! Hopefully, it won't have internet-based DRM (which I am boycotting), so that I can purchase it. :)

Why, I can't get enough of KB as it is, overhaul has potential for desaster, so I really like the way they are going with these new releases. The engine is good, what do you want to overhaul?

It's too early to say about final DRM, but in any case it will be available on Steam with standard DRM.