Meet Darkfall Online, a game that has been in Developement for nearly 7 years. However, this needs an explanation. The project became scrapped when Razorwax (the original developers) merged to Aventurine (the current developers) in 2004. So it hasn't been in developement for more than 3.5 years. (World of Warcraft was in developement for 4 years, mind you)
The game is supposedly going public beta in 2008, with a release following a few weeks after. This is official information. Now vaporware trolls, please be gone as I have explained the basic vaporware ideas of the game, and will now continue to explain the game itself.
First of all, let me show you a fan made video that gives you most of the info you'll need to carry on this discussion. I chose a fan made one since Aventurines' PR is their weakest side, sadly.
http://youtube.com/watch?v=SlV3iTzAf9U&feature=related - Pretty well done considering the amount of screenshots and video footage we got atm. Supposedly (again) a new video will come soon.
http://youtube.com/watch?v=_bYYT6Wg3Gg&feature=related - is another video by the same Author.
These videos give you some current information that we know about. Sadly there is not too much info about the game, but hopefully this will change as we get closer to Beta.
Any questions and I will gladly answer them. I am a great fan of Darkfall and its features, and believe this will be the best MMORPG in a long time forward.