The Eye of Goros is a quest item first appearing in Might and Magic: Secret of the Inner Sanctum. Upon releasing King Alamar from The Fabled Castle Doom, the party is granted the Eye by the King, which is used to unmask his impersonator, Sheltem the Dark. It has no gameplay-affecting properties.
The Eye of Goros also appears in Heroes of Might and Magic: A Strategic Quest, acting in place of the Ultimate artifact in The Wounded Land - buried eons ago, its monumental healing properties are required to end the maelstrom of combat plaguing Enroth. Whether it is intended to represent the same eye appearing in the former game is unclear.