first off if your weren't paying attention to E3 you might not of seen this one, if not watch the videos below.
watch these to catch yourself up with the rest of us:
part 1/3
part2/3
part 3/3
now from what i can gather this originally was going to be another MMO but instead they decided to make it a single player action rpg, at least for now.
i think this was a good move, since its been proven that launching a MMO with a brand new IP(or at least unknown) generally leads straight to the fail bin.
they are working on making it a strong single player rpg, and with what they've done with it... i could see it dwarfing the TES games quickly.
from what little game play they seem to of taken diablo's loot generator, fable's talents (the first one), GoW's combat, WoW's world and general feel, TES's cities(and hopefully not the psychic guards), and bioware's dialogs.
it looks to have all the strong points of many of the popular RPGs.