The MMO was shown to have at least three classes so far: Esquire, Oracle, and Magic User. Combat will incorporate a reaction system that allows users to set skills in advance that will be triggered by different thresholds. Players will be able to build relationships with NPCs through questing, although the nature and depth of these relationships remains to be seen.
Developer GameOn said that the MMO will go into alpha testing this summer. You can check out a trailer for Record of Lodoss War Online after the break.
[Thanks to Naomi for the tip!]