Pillars of Eternity is a 'spiritual successor' to the Baldur's Gate series, set in a traditional fantasy mileu but with a few twists based around the concept of souls and soul magic. The game is also set in a colonial society rather than the traditional European imperial fantasyland.
As Obsidian, the same team was responsible for Fallout: New Vegas and Knights of the Old Republic II, two of the most interesting RPGs of the last decade (not to mention Alpha Protocol, Neverwinter Nights II, Dungeon Siege III and the forthcoming South Park: The Stick of Truth). In their former incarnation as Black Isle they also created Planescape: Torment, the Fallout and Icewind Dale series and provided technical assistance on the Baldur's Gate games from BioWare. As giants of the RPG genre, it'll be interesting to see what they pull off with this game, which eschews complex (and ultra-expensive) 3D graphics in favour of deeper gameplay, more immersive combat and stronger writing.
Pillars of Eternity is expected in mid-to-late 2014, and is one of my most eagerly-awaited games of next year.