Armalion is currently under development at German Ikarion and slated for release December, 2001. It´s the first game -since back in 1996 when Shadows over Riva concluded the Realms of Arkania trilogy- that is set in the same fantasy universe. Armalion combines a small portion of real time strategy with a major chunk of RPG (ratio is supposed to be 70/30 in favor of RPG). So far, Armalion looks like it´s going to deliver a high quality gaming experience.
We´ve had the opportunity to interview Armalion´s project leader a while back (04/25/2001). Check the link for more info on this Dungeon Siege challenger.