GamersFirst (which houses titles like Knight Online and Sword of the New World) put out a press release stating not only that they have partnered with Vae Victis to bring Victory to the world, but also that it will be shown off at the upcoming E3. Here's a bit of the game's background from the press release:
A world inspired by the 1960's Formula One racing scene, sets the stage for Victory, a Fantasy Formula One MMO Racing game. The Racing Authority organizes the racing movement in the world of Victory as it converts old industrial locations and cities into high performance race tracks. Players complete quick competitions to gain experience, collect performance points and customize their cars to increase their effectiveness in a style unique to each driver.
Although we were originally surprised by Victory's premise -- 1960's Formula One has got to be unique in the MMO genre at the very least -- we were less surprised when we discovered that the devs are from Italy, the home of ridiculously fast cars and a proud history of racing. It apparently features an advanced physics engine which racing fans might enjoy more than what's found in current online racers. For those that like racing games with RPG elements, this has the potential to be an addictive title.