I just noticed this pop up on the Steam 'coming soon' list, looks like it'll be out next month.
While I'm the resident Pirhana Bytes fanboi, I can admit freely that in many ways Bethsoft totally stole their lunch with Skyrim. Interestingly, the Bytes chose this iteration to finally change up their formula and go with a pirate setting that looks pretty awesome. While I don't expect them to surmount Skyrim, Risen was a really solid and fun entry into the nouveau-Gothic line and I'm really looking forward to the new one.
I remember absolutely loving the first half of Risen at the time to then be confronted with a second half that almost made me ritually burn my HD just to get rid of the evil. So I'm tentatively excited.
Trailer looks ok, although I think I saw a cinematic for this a few months back that grabbed me more.