Now, i've never played any of the might and magic series, but this looks like a couple of things:
- An innovative, interesting and certainly entertaining use of the source engine. Walking along a rocky island cliff face, turn a corner and use a spell to freeze the ground just on the corner so your pusuer slips off the ledge, smacking his head on the way down. Or removing goblins from your vicnity by force throwing them out the high, wonderfully lighted and window of the temple(?) you are in.
- An immersive universe in which the npcs draw you in to their world by reasonable approximations of responding to you properly and the world you live in can be brought down around your ears. Literally. Cast a fire ball at a statue from the shadows and watch as it topples on your foe.
- Gabe Newell pimping it. Yes/No/Abort?
- Something interesting enough to grab my attention, which usually takes something i haven't seen before. But by no means am i a hardcore gamer that has seen everything.
Either way, there is an article by 1UP.com, as well as a video of Gabe saying what he likes about the game and how excited he is about gameplay concepts and stuff, as well as some neat previews of the scenarios i mentioned before.

edit: the video is 14mb

looks good, but i just hate rpg's in first person

this was announced on steam like last week.

and people that dont have steam have no way of playing it.

teh suck.

agreed steam = teh sux.

but this game looks damn awesome.

Looks interesting to me, but only if the multiplayer side rocks.

Finally I might get to enjoy an RPG. They bore me s***less nowadays otherwise

Is there any pics of it? Is it even in first person? VTM: Bloodlines used the source engine but was in first person. Either way I hope it is in enjoyable.

watch the video