The best way I've been thinking of this game is if Fable, WoW and Dragon Age had a love-child together, this would be it.
The combat's much more engaging and visceral than Elder Scolls, and moreso than Fable. Like was said above, it's an amped-up version of Fable's combat system. It seems, in a lot of ways, that they took the best parts of a lot of games and made theirs into it.
It does seem like the dungeons/world will be somewhat linear, with some branching, like Fable or even a bit like Dungeon Siege III, but it seems like a nice, fresh world with a solid lore to back it up. It definitely has that single-player MMO vibe to it.