Been following this for a while, they're supposedly starting public testing in July. It's basically being indie developed in Korea by some team of like 10 people named PearlAbyss, and its already years in the making. It's getting huge hype over there too, but I'm not sure how they're going to follow up on this. I sure hope they develop enough content for like 3 decent content updates before they even bother releasing this, because I feel like developing new content for such a high-detail game would take forever. Not sure how patient people are willing to be.
Needless to say, I'm waiting on this and Blade & Soul, not that American computers are good enough for them anyway.
EDIT: beta announcement article for anyone who is interested - http://www.inven.co.kr/webzine/news/?news=52551