Developer: Cultic Games
Release Date: TBA
Stygian: Reign of the Old Ones is a game very solidly aimed at the old-school PC RPG fans. If you couldn't get enough of Baldur's Gate, Planescape: Torment, Icewind Dale, etc., then you need to be closely watching this game's development.
The setting is very different from those fantasy affairs though, taking place in the Lovecraftian staple of 1920's New England . . . except in this alternate history, Cthulhu already rose, and humanity is on the brink of annihilation.
Madness and death are around every corner as a scattered humanity lives out its last days. Although it won't have the visceral terror of a first-person game, it's a good bet Stygian will deliver both as a classic RPG and as a horror title.