From the Wargamer (the melee aspect sounds very interesting):

http://www.wargamer.com/news/news.asp?nid=1925

'...

Funcom today sent word that Age of Conan – Hyborian Adventures', an online based RPG is now in the works. Slated for release sometime in the first half of 2006, the game has been described as "a mix of a deep, story-driven single-player experience and a massive and brutal multiplayer end-game brings forth the ultimate representation of the Age of Conan." Funcom, the creators of a similar RPG project, Anarchy Online, boasts an exceptionally "dark, lush, violent and sinful universe" coupled with excellent graphics and especially designed to suit 7.1 surround audio.

Funcom continues:
In addition to incredible graphics and sound, the game will be filled with unique features like the "Real Combat" engine; a revolutionary new multi-point melee system which allows the players to swing their weapons where they direct it, in real-time! This easy to learn and fun melee system lets the players truly feel they are on the battlefield, and goes head-on against the formulaic nature of online RPG combat. In 'Conan' you can also, for the first time in an online RPG, create player-made battle formations where you can command NPC's and other players in combat, making for epic multiplayer battles. The multiplayer game also allow the players to form guilds and lay siege to enemy castles, letting their catapults sing their merry song of death as the enemy is crushed to a pulp.