Centaur - Warlock Creature of Heroes of Might and Magic 1Gargoyle - Warlock Creature of Heroes of Might and Magic 1Griffin - Warlock Creature of Heroes of Might and Magic 1Minotaur - Warlock Creature of Heroes of Might and Magic 1Hydra - Warlock Creature of Heroes of Might and Magic 1Dragon - Warlock Creature of Heroes of Might and Magic 1
Hit Points515253575200
Noneattacks all
enemy can't
2hex attack,
immune to
all magic

Centaur - Warlock Creature of Heroes of Might and Magic 1 Centaur, the only level 1 shooter, is two hex sized like most Warlock creatures. Warlock creatures are by far the most expensive and the most powerful, so it's only logical that you get them in big packages. Large size can be an advantage behind castle walls, preventing small flyers from squeezing in between your creature and the wall. When defending a town, stand centaurs on top, followed by another 2 hex size creature (hydras are best) and they will be safe from flying attacks. Centaur is the best level one creature - 5 hit points, good attack and shooting ability. Their price is also very reasonable. Centaurs are of medium speed, which means you can keep using them until the end of the game without slowing down your hero.
Gargoyle - Warlock Creature of Heroes of Might and Magic 1 Gargoyle are the most annoying creatures in the game. Not only because of their looks. Fast speed and flying ability enables them to get first to enemy shooters. Unusually high defence for level 2 and reasonable hit poins make them hard to eliminate. Their attack is not great however. Best use is for standing next to enemy shooters to prevent their shooting ability. Gargoyles should also be given as the only units to scouts to give them plenty of movement points. Griffins, at 100 gold extra, are a much better deal with higher attack, more hit points and unlimited retaliation. Garboyle is the only fast Warlock unit, so it is useful to have in order to be able to cast spells sooner in combat.
Griffin - Warlock Creature of Heroes of Might and Magic 1 Griffin is the best level 3 creature. It is balanced all around with decent attack, defence, hit points, damage, speed and flying ability. Unlimited retaliation ability means they can fly into the heat of the battle and fight back to anyone who attacks (unless attacker has 'no enemy retaliation' special ability). Put Grifins next to enemy shooters and enemy will have to concentrate on them, and all enemy units will get retaliation while your minotaurs and hydras make their way to the enemies. Two hex size means more attacks - and more retaliations! Minotaur is much stronger for 100 gold extra, so if you are poor and need to prepare for castle defence, get minotaurs instead.
Minotaur - Warlock Creature of Heroes of Might and Magic 1 Minotaur is the best level 4 creature. It is balanced all around with high attack and damage. Level 4 Minotaur is similar in strength to level 5 Cavalry, however Cavalry is 100 gold cheaper. At this stage you will begin to feel how much more expansive Warlock creatures are. With minotaurs you don't really need to think - use them any way you like. Hydra is twice as expensive and slow, so Minotaur is a worthy purchase for an attacking army.
Hydra - Warlock Creature of Heroes of Might and Magic 1 Hydra may be big and blue and rather adorable for some people, but it is very expensive, costing more gold than Paladin, Cyclops and Genie. The hit points are ridiculously high, while defence, attack and damage are reasonable for level 5. Hydra's special ability is amazing - it attacks all enemies that stand around its two hex body at once and no one can retaliate! So in making one attack Hydra can make two, three, four or even five attacks! When one of the surrounding enemies attacks and Hydra retaliates, the retaliation will also damage all surrounding enemies! So positioning Hydras to attack multiple enemies is crucial. Too good, right? Now the drawback. Slow speed means Hydras slow down your hero and take very long time to crawl towards enemies. And Warlock doesn't exactly have many shooters for Hydras to defend. The most devastating combination are Hydras and Teleport spell. Imagine having a pack of enemy Hydras materialise inside your castle walls, making your walls your own deadly prison. The Hydras are hard to utilise fully, but when you succeed, it is very satisfying. If you have any Dragons to recruit, I recommend you save money for a Dragon instead of buying Hydras, due to Dragon's high versatility.
Dragon - Warlock Creature of Heroes of Might and Magic 1 Dragon is the most powerful creature in the game, better than two Phoenixes, making 3 Dragons weekly population rather unfair. The cost of one dragon is worth three days of castle income. To buy the entire weekly population of a Warlock castle, a player needs 2500 gold per day, so Warlock cannot utilise this unfair creature advantage without gold mines or extra towns. Keep this in mind and make capturing gold mines from Warlocks your first priority. There isn't much to say about the Dragon - it is superb. Dragon should be positioned to attack two enemies with long breath whenever possible, and always look out for enemy hurting your units with your own Dragons' retaliation breath. Do not position a dragon 1 hex away from your own units to avoid that. Dragons immunity to magic, a skilled Warlock and Armageddon spell is the most devastating combination. You could say the game is unbalanced towards Warlock. But when you have Warlock creatures led by a powerful Knight or Barbarian with high attack/defence, they are unstoppable x2.

Thanks to Steven Lieberman for preparing creature images and stats! Commentary by Valera.