As for morale - it determines unit initiative. Good morale will make the unit act sooner, low later. If a hero falls on battlefield, he or she will fall into a state of unconsiousness. This could be speeded up by visiting sanctuaries, drinking potions or spending a day in a town garrison. Of course there will be some HMM3 spells too.
Armies have backpacks for artifacts and creatures with hands can use potions.
Also there is a group of skills and artifacts for enhancing creature abilities. There will be no water town but will be a couple of creatures that fits in water. There will be Pirates for hiring and sea monsters for fighting . Also there will be larger number of water-based adventure objects players can visit. There will be caravans for quickly transferring troops between towns.