Seems like they are making a new Might and Magic game but changing it from the multi-character turnbased fps rpg to fps rpg (morrowind style).
They are using the Source engine (Valve not tessource
The game happens in the world of Ashen, a dark and unforgiving world that has a bloody history and prophecies hanging over it. You play as Sareth a young hero trained in combat and magic.
Seems like you get to play as either a Magician , Warrior or thief.
And you unlock new combat combos and magic as you level.
Ubisoft says that the game will be the first fantasy roleplaying game that uses a complete first person fighting , and are bragging about that the whole playercharacter is simulated with realistic movements and physics.The game lets you wreck havoc with 40 diffrent weapons and a few dozen spells.
The game also comes with multiplayer for up to 32 people with modes like Deathmatch and an Evolution mode where you play through online campaignes and get uppgrades to you gear and character as you progress.
Some screenhots on their teaser website : http://www.mightandmagic.com/us/darkmessiah/teaser/
Im a big fan of the Might and Magic games but this one looks like a dissapointment comming imo. One of the traits that the Might and Magic had was creating your own characters and having a party of adventurers with the turnbased combat system. Seems like this one will probably fade behind Oblivion and gothic III and go rather unnoticed.