Well, I hope they implement it well. I've got some ideas for a role-playing game myself - or at least, ideas for the mechanics of one such as the viewpoint, skills, etc etc etc
I believe it will be 3D because of the slowdowns experienced in Arcanum. Those slowdowns were because of all the 2d art being pushed through the pipeline (or something like that anyway). So a 3D game (with an isometriic view?) wouldn't suffer as many intolerable slowdowns. YAY!!! (Well, either that and they're doing an Arx Fatalis like game)