The vibe I'm getting from the article is this is their take on Diablo, although without the isometric perspective. Coming to PS3, X360 and PC.
-2 player online co-op.
-One melee character, one ranged.
-Instead of a 'traditional' large sprawling deep RPG that bethesda are mainly for, this seems a compact short-ish RPG. I'd guess that Todd Howard is still working on another big RPG separately though.