There are preset heroes, but only if you play Heroes VI offline. When you aren't connected to the Conflux, you can choose from a list that contains a single Might and a single Magic hero from each faction.
When you are connected to the Conflux, you are restricted to your dynasty heroes and the factions they represent. However, as you finish the campaigns, you gain the heroes from those campaigns. I'm guessing (hoping?) that once you have finished all the campaigns you will have a might and a magic hero from every faction in your dynasty.
If I'm wrong, or if you want to play online skirmish or multi-player games right now (and be able to choose the faction you start with), you have to create your own hero for each faction.
A Dynasty tracks your progress throughout the game, both single and multi-player, and allows you to gain some benefits from earlier achievements. It is made up of a bunch of pieces that are all inter-related.
Heroes - Dynasty heroes include your main heroes from the campaign missions, as well heroes you have created for multi-player. Dynasty heroes are able to benefit from other pieces of your dynasty (traits and weapons) and also help build up your dynasty by earning experience and building up your Dynasty weapons.
Weapons - A few items in the game are considered "Dynasty Weapons". These items are available to all your dynasty heroes, and also gain experience whenever the hero wielding them does. They can level-up, giving them additional powers.
Traits - Dynasty traits are some passive bonuses that you can earn. At the beginning of each game, you can select the dynasty trait that you want your dynasty hero to get for that game. You can unlock additional traits by earning achievements, and you can unlock additional slots for traits (allowing you to select multiple ones per game) at the Altar of wishes.
Altar of Wishes - Earning achievements for your dynasty earns you dynasty points. You can spend these at the altar of wishes to unlock new options. Some are cosmetic, like new portraits for your heroes, while others have gameplay impact, like new dynasty weapons or additional dynasty trait slots.
Dynasty Rank - All experience earned by all your dynasty heroes contributes towards your dynasty rank. Increasing your dynasty rank opens up new things to purchase at the Altar of Wishes.
Best Answer
It depends.
Generally speaking, a larger army is better than a few levels on a hero, so that would indicate that it is better to take the gold. However, as your hero gains levels, it takes more and more experience to gain a level, which makes the experience in the treasure chests worth relatively less, which indicates that you should take the experience to maximize its effectiveness.
Therefore, I usually choose gold on a small / medium map (when I know I will encounter enemy heroes in a short timeframe) and experience on larger maps (when I know I will have time to explore and build out my main town prior to encountering the enemy).
In the late game, you usually have more than enough gold and a high level hero, which is when I start leaving the treasure chests so that secondary heroes can get a few easy levels.