There's a fairly quiet project going on in some weird country called "Russia" to reverse engineer the MM7 engine. And, well, they have most of Emerald Island up and running with a default party and completable quests.

They've got one of those "Bacefook" pages and also an issue tracker and source control system [url=https://www.assembla.com/spaces/mm7]here.

It doesn't look like they're slacking off either, no, latest update was on the 4th of this month. There's no binaries provided just yet but it looks like it builds in Visual Studio fine and it currently depends on DirectX and there appears to be no motions towards Linux and Mac support just yet.

If you're not sure what reverse engineering is, see ScummVM and the miracles it performs. This is a similar miracle for Might & Magic 7. Can't wait for it to be done!