Project Eternity is the working title (though possibly the final one, given how popular it's turned out) of Obsidian's new, old-school RPG due out in mid-2014. Funded by fans on Kickstarter, it's planned to be a bit of a throwback to the days of the old Infinity Engine days (which powered the Baldur's Gate and Icewind Dale series of RPGs, plus Planescape: Torment).
Obsidian have released a new map of the world where the game is set, which is promised to be a traditional fantasy world with a few twists (such as the dwarves being more inspired by Inuit culture than traditional Tolkien dwarves, and one of the planned NPCs is a female dwarven character). They've revealed that the city of Defiance Bay (which can be seen in the north-west) will be a major location in the game and much of the action will be set in the vast Dyrwood.
Source: Chris Avellone via Anonymous of Holland (check out the link for an interview with a more Eternity-focused interview with Chris Avellone as well).