Official Site
It will be an open-world RPG.

Slated for release Fall 2011

It is coming out on PS3, Xbox 360, and PC (thank you!)

As far as I can tell, the plot seems to revolve around two main things:
Saving the world, and
Seeking out immortality.

So we have an interesting team here:
Ken Rolston is leading, dude was the lead director of Oblivion, so I'm all for that. He is the "lead creative visionary" for this game.
R.A. Salvatore wrote together the lore, settings, and characters.
Todd McFarlane himself is in charge of art style.

That is quite the team...
Unfortunately the studio has little to its name. Big Huge Games was once part of THQ, but it's made few games, although they did produce the Rise of Nations series.

The music on the website is impressing me (and that's just the same score on a loop).

Also, after this they will be unveiling an MMO based in the same universe, currently titled Project Copernicus.