This is Frontiers, a game designed and being developed by two men. Something that blows your mind when you see footage of the game in action.
Developers AAD Productions describe it like this:
FRONTIERS blends the feel of first-person RPG classics like Daggerfall with the relaxing tempo & simplicity of a point-and-click adventure. Discover ancient mysteries, live off the land and fight deadly creatures, all in a beautiful & massive open world.
An open-world RPG? With a relaxing tempo? Good Lord, it's like they asked me what I wanted from a video game and decided to go out and make it.
Frontiers will hopefully be out next year.