Article edit: The patch 1.4 has been released and should be downloading automatically at Steam and Uplay. The original article about patch fixes is below, and the full 1.4 Patch notes can be found at Ubi.com.
Like with every patch so far, this one too comes with some new issues, so a hotfix 1.4.1 has already been released. The hotfix deals with a problem with AI difficulty setting not saving properly.
The official MMH7 blog has posted a comprehensive article on the upcoming features of the game, many originating from the feedback gathered from all around the active MMH7 community. Here are the key points discussed in the article.
Presentation: Saturation, contrast and color levels will be readjusted. The distance fog can be disabled. Screenshots can be seen in the Ubi.com article.
Performance: Loading times will be cut roughly in half, and RAM usage has been significantly improved.
Heroes: Level cap is being discussed, also more specializations and unique hero abilities are planned.
Balancing: No details were discussed, but the team promised to implement major balance changes based on the community feedback.
Multiplayer: Now that most game-breaking bugs and crashing issues have been resolved, the multiplayer issues are being addressed more thoroughly. Out-of-sync issues should be getting first big improvements in the next patch.
Editor: The map-making tools are also going to be improved, and Steam Workshop support is being looked into.
While many problems (like AI issues) did not get addressed in this update, the future still looks very bright for Might & Magic: Heroes VII.