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Heroes of Might and Magic IV Towns Analysis
Necropolis
The home of Death-aligned troops and magic guilds devoted to Death Magic.
by BES the Black Dragon, april 2002
Necropolis, the town of dead and undead is very conservative and kept its old name. The changes were painful to many other towns but none of them was stricken as hard as Necropolis. Undead lost their elite-shooting unit of the tremendous destructive power  Liches who sent such terrible cloud of death to the whole battalions of the enemy. I feel sad for them, as in my opinion, it is a very painful loss. However, undead are very resourceful creatures and they managed to gain something for themselves in all these changes too. Let's check it out.

4th level: Devils and Bone Dragons

Bone Dragons
They were tough old chaps and they remained this way, but with one little difference  during transportation through portals to the new world they've lost their ability to reduce enemy's hit points by 50% but gained a terror power. If you remember Armageddon's Blade there were Azure Dragons there who possessed such ability to strike an enemy with terror, but in Heroes IV Bone Dragons are not very good in this and you have to revise your tactics with Bone Dragons present in your army.

Devils
It is a very strange thing that they are here. We all know that they were Kreegans' servants and we all remember that Catherine Gryphonheart-Ironfist successfully exterminated the alien race of Kreegans from the face of Antagarich, or could it be that this news were quite premature?
Anyway, undead got themselves an excellent fighting unit with these Devils in Necropolis. They can teleport themselves (why it is always that the bad fellows have better abilities than the good ones  look what have an Angel and what have a Devil  isn't it suspicious?). Well, it isn't all they can do. They can summon Ice Demons (creatures of the 3rd level), which is quite natural, as they are The Devils, so by definition superior to Demons and can command them. Isn't it good to know explanation to everything?

Strange thing, despite all the useful characteristics of Devils I still preferred to play with Bone Dragons. They looked more appealing to me, can't even say exactly why, stronger maybe.

3rd level: Vampire and Venom Spawn
I faced a big problem with this level in Necropolis and still didn't find the best solution for it. I can't make the choice between these two creatures. Would I have my own saying in the matter I'll build both of them of course, as they are in fact nearly identical in their value to the town.

Vampires
They are the most ancient creatures of the town with one exception of Skeletons who are always could be found in the town of dead. In my opinion, Vampires are probably the most powerful creatures of the 3rd level in the whole game.  High hit points (75), speed (8), attack and defence (both 30), no retaliation, flying and using of special kind of undead resurrection by constant draining of life force from any living creature attacking them. What else could you possible want to have in this pearl of Necropolis army?
They saved me many times in battles and I repaid them by choosing Vampires as my 3rd level creatures of Necropolis.

Venom Spawns
The terrible creature borrowed by Necropolis from the world of Might and Magic or was it just a similar creature? They became the only shooting unit of the town and replaced the good reliable Liches from Heroes III. Well, the performance of Venom Spawns is quite adequate.  Extremely high hit points (100), good statistic in attack and defence (both 26). All this helps them not only to survive in battles but place quite substantial strikes at the enemy.  With their ranged attack they spit venom at the enemy and significantly weaken them by poison in veins. Venom Spawns are very good in hand-to-hand battles. The only thing they lack is sufficient speed (6). But still they are extremely good.

Proceeding from the above you can see that it is really a terrible waste to choose any of them before another, that's why I always tried by any means possible to have them both in my army.

2nd level

Cerberi
They are gorgeous hounds who would be loyal to you to their final breath. They are inferior to ghosts in speed (7 against 13), but they have multiply attack ability  the old wisdom that the more heads the better is working even here. The shock from such an attack probably makes the enemy unable to retaliate and gives Cerberi one more plus.

Ghosts
Well, what can be said about a ghost? Ghost is a ghost whenever it found a home to haunt. Of course, it is flying and unsubstantial and undead and very silly with this head in it's hand like the gift it wants to give you. But the only gift Ghosts will give your enemy will be the aging, which makes the enemy unit much weaker at once. 
The flying ability is surely a great advantage in sieges. The only serious minus is their crazy laughing which makes you want to kill them just to silence them if you're playing long enough with Ghosts in the army, but what can we do  it is the professional trait of Ghosts to haunt people and drive them crazy. They are quite good in this.

As you can see, both Cerberi and Ghosts are quite good 2nd level creatures, but from my experience I've noticed that Ghosts are more steadfast than Cerberi, despite lower hit points  24 for Cerberi and 15 for Ghosts. It's quite strange but it is so, and the answer perhaps is in the specifics of everyone strategy and tactics in battle.

1st level

Skeletons
The most inconspicuous unit of the town. Infantry. This says all.

Imps
Something new in the lines of undead/dead creatures. The tiny devils are, in my opinion, the cutest creatures of Heroes IV.  They are flying quite fast (6) and they have this unique ability to suck magic power from the enemy, never mind is it a hero or a creature. Cute little guys. I am very fond of them.

Heroes: Death Knight & Necromancer

Necromancer
Necromancer is the magical hero of Necropolis. It all became more complicated in Heroes IV and mainly because of this co-operation between the magic schools. In order to create really powerful hero you simply have to know Nature magic on the same level as Death magic. This puts Necromancer in great disadvantage, especially in single scenarios, where, as I have said many times already, it is nearly impossible to find enough experience points for advancing your hero high up the levels. It is an unfortunate thing for Necromancer as his efficiency is decreasing significantly because of this.
However, in campaigns you'll have a first hand with this hero. Both magic schools will give you excellent opportunities to increase power of your army from battle to battle. But again a lot of things depend from what kind of creatures you'll have in your army. 

Death Knight
Might hero. No comments.

Town magic (school of Death magic)
Rather efficient and at the same time inferior to many other magic schools. Requires detailed study. Better learn how to use it in small battles with easy targets. There are practically no attacking spells in it, and even those that are present are very selective in their effect.
Example: Unholy Song causes all Life targets to do 20% less damage and decreases their Melee and Ranged Defence by 20%.
A lot will depend from how advanced is your hero in Death and Nature magic.

General notes
The town is good both in attack and defence. Rather strong army, which could be significantly increased in a matter of seconds by summoning spells. Isn't as expensive as Asylum or Academy, though a little bit difficult to develop on the first stages of the game because of the absence of shooters on low levels.