http://www.darkfallonline.com/
MMORPG with
FPS combat. No leveling, No classes, just 600 skills and 600 spells to completely customize your characters. All PvP with no safe zones and full-looting. Plus home-ownership and the ability to build (and destroy) cities.
Designed by guys who enjoyed the early days of UO, and feel mmorpgs have gone in the wrong direction ever since.
It's not quite as pretty as WoW, and unlikely to be released until 2005, but goddamn it sounds like a breath of fresh air.