On Friday, Electronic Arts launched a web site in support of their next gen fantasy RPG, tentatively titled Project Gray Company. Details are few, but executive producer Steve Gray (LOTR: The Third Age) says his all-star development team is filled with RPG vets who have been working on the game for over a year now. There's also a designer diary video with creative director Chris Tremmel (LOTR: Return of the King).
It sounds like EA is trying to build an Oblivion-killer with talk of a massive open-ended world, advanced AI (based on Sims 2 technology), and the availability of numerous story quests. Hopefully, more information will be revealed at E3.