Tides of Numenera takes place on Earth a billion years in the future, after multiple civilisations have risen and fallen and magic and science have become entwined. Several of the creators of Planescape: Torment are working on the game and inXile are gearing up for full production as soon as they release their Kickstarted post-apocalyptic RPG Wasteland 2. Which is tomorrow, which is quite handy. inXile have received the assistance of Obsidian Entertainment in making the game, who loaned both tech and some writers (including Planescape: Torment's head writer, Chris Avellone) to the project. Obsidian are preparing their own old-school CRPG Pillars of Eternity for release in the next few weeks.
It may also be of interest to literature fantasy fans that Patrick Rothfuss is contributing some writing and a character to the game as well.
This video footage is pre-alpha, so a lot can change before Tides of Numenera's final release, which is anticipated in late 2015.