ChaunceyK: A bold statement, seeing as I've read so many people saying KB is a HoMM clone. I'm gonna look up so KB videos on YouTube to try and get an idea of how the combat is run to see if I like it.
In particular, you said that you didn't like the town management and strategic layer of HoMM. There is none of that in King's Bounty. The entire game focuses around your single hero, his skills, stats and equipment, and his personal accompaniment of soldiers (up to five unique units, which can increase in size as you level up). It's a raw monster bash. You'll never need to concern yourself with upgrading castles or stationing garrisons to hold choke points.
There is some resource management in the sense that you have a finite amount of gold and available troops, so you need to be aware of your limits and keep casualties to a minimum, but in practice that's not much different than the management of healing potions and resurrection scrolls and such that you'd have in more conventional RPGs. It's just a different coat of paint.
I will say that KB is a love-it-or-hate-it game that requires forgiveness for some of its flaws, so it's impossible for me to recommend it without reservation. If you consider yourself picky, you'll likely either find it to be exactly what you wished HoMM was, or find it to be shallow and a bit of a chore.
Be advised as well that if you're in the mood for a strong story, KB isn't the way to go. Like I said, this is a raw monster bash, and a somewhat silly one, at that.