Overseen by Gas Powered Games, developed by Obsidian Entertainment and published by Square Enix.I didn't care for Dungeon Siege. Dungeon Siege 2 was awesome. This one will probably be awesome as well. But I find it very odd that Obsidian has basically become this gaming company that take's other people's games and make sequels to them(Alpha Protocol being one of the very few exceptions to this). Sometimes they make a better game than the original(Neverwinter Nights 2 > Neverwinter Nights) and other times they make a good game that doesn't quite live up to the original(Knights of the Old Republic > Knights of the Old Republic 2, though it could be argued that part 2 could have been a much better game than it was had Lucas Arts not cut them short making them release an unfinished product).
I can't put Fallout: New Vegas in this same category because most of the guys at Obsidian made the original Fallout and Fallout 2, so it's more like getting a franchise back. But now we've got another game made by another studio that they are making a sequel to. Very interesting the direction the company is taking.
EDIT:
The biggest worry I have for this is that there will be console versions along with the PC versions. Games like Dungeon Siege don't work well with a controller. I'm worried that the gameplay might suffer due to the console versions.