Decided to throw a bit of info about this game up after a bit of inquiring in the Mass Effect 3/ KoA:R crossover armours thread. That and I think it looks really good so far.
From what I can tell, its an open world RPG developed by Big Huge Games () with art design by Todd McFarlane (creator of Spawn and made a few dragon statues ), setting and world design by R.A. Salvatore (writer of the Forgotten Realms novels and creator of Drizzit) and designed by Ken Rolston (he was lead designer of Morrowind and Oblivion). Gameplay is your traditional fantasy RPG: monsters to slay, quests to complete, gear to loot. Big difference is the combat, seems to echo Devil May Cry, God of War and Bayonetta.
Other interesting mechanic is the Abilities and Destiny trees. You have 3 skill trees to invest your points in: Might, Finesse and Sorcery.
Destinies are essentially classes, and unlock once you place enough points in the relevant Ability trees. So focus on Might and you become a Warlord, wielding the heaviest weapons and armour. Mix a bit of Finesse in though and you can become a Duelist, hitting with fast, critical attacks.
The game also has a full crafting system with enchanting, gem crafting, alchemy and such.
Obviously its gonna be compared to Skyrim but after pouring hundreds of hours into Morrowind and Oblivion and hearing the "ZOMG Skyrim is teh bestest" I played it and got bored after about 18 hours split between 2 characters, combat was just so dull and lifeless at times.
Anyways, KoA:R is out Feb 10th on X360, PS3 and PC (its an EA game so no Steam, its on Origin though )