Well, sort of. Neverwinter will be developed by Cryptic, and Gamespot was lucky enough to get a little one-on-one time with COO Jack Emmert. Something that he was careful to point out was that this is not a full-blown, persistent MMO: "I wouldn't say MMORPG at all -- Neverwinter is a cooperative RPG."
The Neverwinter site is up and running, with plenty of interesting details about the game. It's based on 4th edition D&D, set for launch in 2011, and is inspired by R.A. Salvatore's upcoming trilogy. The first book in that series arrives in October, so by the time Neverwinter launches, the world should be fully established.
For the time being, Cryptic and Atari have provided a fair amount of resources for hopeful (and skeptical) fans to keep up with development. The official site contains a newsletter signup page, some brief backstory, and the full press release. You can also follow game news on Twitter and Facebook.