I've almost missed this one – and it looks awesome!
Wishlisted and awaiting some first reviews.

There's a few details that will affect whether I ultimately get the game.

For example:
* Do skills improve through use? (If they do, I'm more likely to get this game.)
* Are there ugly growth mechanics? (For example, random stat growth (if there's a level cap, whether it's hard or soft), or worse, something like Wizardry 6/7's base miss chance mechanic (like THAC0, but improves by a random amount at level up, and stops improving after level 20? Or, for that matter, non-retroactive HP growth from Vitality?) If there are, I'm less likely to get the game.
* How powerful is healing? (If it's as weak as in Wizardry 6/7, or worse, Pool of Radiance, I'm less likely to get the game. Healing doesn't need to be powerful; it just has to be strong enough to be sometimes useful and not a huge chore to heal when there's no threats around.)

Lockpicking Mechanics
Forest of Eternal Snow (Area)
First Gameplay Video
Party Death
Mich-An-Pot Skill Demo
Tho-Hai-Doh Skill Demo

3D Engine Demo

"After numerous tests and experiments, we’re excited to confirm that Mystic Land will include an option for smooth party movements and turns.
And we’re not talking about pixel zoom tricks or pre-rendered image pans - this is a true 3D environment that will make you feel like you’ve stepped right into a vibrant fantasy world.

Prefer the classic old-school 2D grid-hopping style? Don’t worry - the 2D engine isn’t going anywhere. You’ll be able to switch between engines mid-game with a single key press (yes, it’s THAT simple!).

Check out the attached video showcasing first 2 minutes of gameplay in the new 3D engine. It’s still a work in progress - models aren’t polished yet, escpecially the floor and ceiling - but it should give you a great preview of how the game plays in full 3D."

So it's been two years since the announcement and we're still firmly in the no closer to announcement phase, with this "news" being, "It's still a blobber, but now it looks vaguely like Phantasy Star 1!" (Except with absolutely no smooth movement, a slow and clumsy interface with text that rather literally crawls, and...by the Pantheon, don't ignore 20 years of design innovation just to make a "classic inspired" RPG!)