Nothing says 'high fantasy RPG' better than a shot of an ancient tome burning away and a voice-over declaring "THIS CITY PROMISES DEATH FOR THE MEEK."
It's been a while since we heard anything about Neverwinter, and it seems to have slimmed down a bit in the interim. It's now referred to as a co-op action RPG, not an MMO. It's built on on D&D rules that'll have you and four friends (or NPC companions) grouping together to take on quests.
Cryptic promise a strong storyline, but also want players to be able to create their own adventures using an "extremely user friendly content generation system, tentatively named Forge." Cryptic developed similar tools, also called 'The Forge' for their Star Trek Online MMO. There's no solid release date for this one just yet. Check out the newly launched Neverwinter site for more.