On visiting the Spellborn forums today I came across reference to this game under development.http://www.wellonline.com/about
It does look interesting and I would recommend a visit to the video section of the site. Just beneath the video screen are grey titles you can click on for streaming video as well as the ability to DL them if you wish lower down on blue links.
The concept looks good on paper, but to me would need a lot of dynamic content to bring it off. Time will tell I guess.