Oh, kewl. This topic exists already. I've been following TERA
http://tera-online.com since about the time this thread was posted. The Korean game should launch this year and the Western beta should begin this year, as well. I'm pretty stoked about this game as everything I've seen, especially the combat, makes me think that it will be amazing fun to play.
Over recent years I've played D2, WoW and more recently Aion, which was a huge disappointment, especially after everyone else in my guild quit. In my mind, TERA combines the best of these. The action combat of D2, the rich world and leveling curve of WoW and graphics similar to those of Aion. This is a Korean game, but is being adapted to be more Western player-friendly than, say Aion is. This isn't just a translation/localization like Aion was. The Western game experience won't be like that of the Korean players; there will be less grind and more quests for us, for instance. We will also have the choice of PvE and PvP-ruleset servers.
Anyhoo, you can check out the link above for more info, but here is a walk-through of a level 35 (max will initially be 60) instance, and this was the press demo presented recently at PAX. For some reason, the play-by-play commentary might be helpful to people who aren't familiar to the game, but it's kind of corny.
And for a better look at some of the eye candy taken from official trailers. This is older footage, but also done with the game engine.
And we shouldn't forget the impressive advances in bewbie physics.
Submitted for your consideration.