It's a hack&slash game using the same engine as Dark Alliance. I think it's one of the former BIS guy who's leading this project though. In the game you play as a bard who's not there for fame and fun, he goes on dangerous adventures for money and girls <img src="/ubbthreads/images/graemlins/smile.gif" alt="" /> Doesnt seem to offer the coop play DA had though.
Cheers,
Frank