So, this is aiming to exist next year(dev has been ongoing for awhile now and is pretty well at Alpha) and RPG Codex just put up a nice interview, with Knights of the Chalice being one of their key weights to measure things against right down to using a personalized 3.5'ish OGL.
http://www.rpgcodex.net/content.php?id=8420
http://chaos-chronicles.com/
Entire interview is worth reading, no sense in posting highlights this time.
Over 200 years ago the flourishing kingdoms of elves, dwarves and mankind were consumed by chaos. Undead hordes lead by archwizards of the dark arts overran the land. Only few were able to escape. The survivors build their new homes on small, secluded islands off shore. A few years ago the Order[/quote] of the Holy Flame sent its knights to lead an expedition to the mainland. Even though the old cities lie in ruins and orcs, goblins and other creatures of evil roam the land there seems to be hope for a return to the land of their ancestors.
Chaos Chronicles combines the traditional turn-based roleplaying games with a state-of-the-art graphic engine and a dense atmosphere.
We want to revive the classical western party-based fantasy RPGs of the eighties. Games like Phantasie, Pool of Radiance, Ultima, Wizardry, Bard’s Tale were part of our childhood and now it’s time to create a new game offering the gaming experience that those excellent games already delivered back in those good ol’ days!
-Back to the roots! Chaos Chronicles uses a turn-based fighting system (hexgrid!) that will put a smile on the face of every fan of traditional RPGs
-Shoulder to shoulder! Up to five players can join forces to play through the complete campaign
-Lush graphics meet old-school feeling! Chaos Chronicles combines a lavish look with the dense atmosphere of the Dungeon Crawlers of old.
-Wanted: A new hero! A comprehensive character editor ensures that every player can build his very own hero.
-Travelling becomes retro-epic: A world map allows travelling like in good old times, as role playing games were still role playing games.
All in all, I'd say this looks to be quite promising indeed.