Edit Update: The Project Offset team requested that news sites not post this. It is an internal video, and, because they are the little guys, I will respect their wishes. I'll take some screencaps and see if I can post them to give you an idea of the scale of the game, and what it offers.

Original Post: Hopefully this doesn't get taken down. It's been disappearing from a few websites.

The most impressive thing about this is the world creation. The character animations look pretty elementary, but the backgrounds/maps are impressive and on an epic scale

This is being made by an "indie" group. They created the engine, and are building a game off of it. The engine was so impressive that they were able to license it to other companies, I believe enough to fund their own game. I think they've signed with a professional development house that will back them financially, but they haven't announced with whom. It will definitely show up on the PC, and, because of the similar architecture, perhaps the 360, as well.

For more information, or to view other trailers of their engine in action, visit http://www.projectoffset.com/

UPDATE:

I wanted to show a bit of the engine, so ... here it is:

ehhh wat console is this being released for? And nice game.

Haha, console?

This is PC, sucker.

And...maybe consoles, I dunno. Not much info out yet...it's still in heavy development.

EDIT:
Ah...I didn't really read the OP.  There's still sites with the video up, so take a look if you want, it's certainly amazing.  But I'll respect the little guys and not spread it around either.

Why you callin me a sucker wanna take this outside?!?!?! :P

The game looks real good.

I think it looks great :)

I'm also very biased, as one of my best friends/ex-housemate (Rod Green - an ex-Aussie) works there as art director (or some position like that).

Go Rod! Go Project Offset! 

Wow, they definately are putting a large burden on themselves. Also, does look interesting.

Art director, really? Well art's where this game shines, so that's cool.

So far, the character animations are a bit jumpy, and nothing's too groundbreaking about the characters...it's like Dark Messiah crossed with Oblivion...in 3rd person. But the backgrounds and the general world look absolutely amazing.

Here's some of the Art work shown in the trailer:

Wonder if this is for their own game - or for that MMORPG that licensed the engine. A MMORPG that looks like that trailer would be amazing.

That's pretty cool that you know one of the guys in this start-up company. Looks like they will go places, judging from the trailers and such. The engine is VERY impressive.

As a matter of fact, I'll post one of their videos since I decided to remove the leaked internal trailer.