Diablo and Castle Crashers had a baby.
Short interview with Game Director:
Troy mentioned this on 3MA. This looks right up my alley. I couldn't find a ton of info on it, but it looks like an XBLA and PC release sometime this year.
Magicka is an action/adventure game set in a Norse mythology-oriented fantasy world. You and up to three other players take on the roles of wizards of a sacred order with the ultimate goal of stopping the evil dark sorcerer that has thrown the world into turmoil as his evil creations besiege the forces of good. By combining elements to cast spells you will wreak havoc and devastation among the lackeys of darkness. Team up with your friends and choose your way through the various levels of the campaign, or test your skill with magickal abilities in other challenging game modes.