Always on the lookout for perhaps lesser known MMO's in development, I came across Chronicles of Chronia. From what I can gather it's under development by some folks based in Hungary. Not my cup of tea since it's open PVP for the most part, but thought I'd pass along the info.
The screenshots and video all seem to be from one particular town, so I assume they are in very early stages at this point. But the town is very nicely done from what I see so far. If not for the PVP focus, I would have kept my eye on this one.