Holy shit, there are people that follow Might & Magic lore? Honestly, who gives a shit? It's like Grimrock -- you don't need some fascinating story so long as the setting is decent, there's a logical consistency to the world, and good enough narrative to make what you're doing seem interesting/fun.
I believe any storydriven game could benefit from having a couple of creative writers (with the same holistic mindset of Avellone or Ziets) take a swing at the narrative and fleshing out the lore to better reflect the actions of everybody in the game. How did the town well turn into a grotto with monster spiders? Why hasn't any attempts been made at removing the Naga and bandit threats? There's a temple in town - a temple to what? Besides names of deities, what do they actually believe in?
It leads to a deeper and more comprehensive game.
I agree that MMXL doesn't need a highbrow story... but to disregard the potential of better writing, in any game, is silly. Even Grimrock would benefit greatly from having a more fleshed out narrative and writing to better reflect "the mystery" of Grimrock. Yes, yes, it's good as it is - I'm not arguing that.
I guess what I'm saying is that good writing is the difference between Fallout 3 and Fallout: New Vegas, and that I don't think there are any valid "it's not a full-fledged game anyway | the series has always had a shitty narrative | tradition dictates"-like arguments to make against it.
EDIT: and I don't even consider myself to be, as the Codex puts it, a story-fag.