"Neverwinter is a free, action MMORPG based on the acclaimed Dungeons & Dragons fantasy roleplaying game. Epic stories, action combat and classic roleplaying await those heroes courageous enough to enter the fantastic world of Neverwinter!

Explore and defend one of the most beloved cities from the Dungeons & Dragons Forgotten Realms Campaign Setting as it rises from the ashes of destruction. This immersive MMORPG will take you from the besieged walls of the city to subterranean passageways in search of forgotten secrets and lost treasure."

Neverwinter is currently in a Closed Beta and it's supposedly to fully release next Tuesday (April 30th). Here is a screenshot I got from a guy who's in the closed beta:

What I think: Judging on the short view of the stream I watched, this seems very much like another WoW clone. Maybe there's more costumization with it like the original Neverwinter Nights Single-Player games that released a few years back. The neverwinter Nights games allowed you to choose your alignment (good, neutral good, neutral evil, evil, chaotic evil, etc.) If Neverwinter is like Neverwinter Nights then you can also choose from a various amount of classes you can be, which is more than WoW, if it's the same amount as in the Neverwinter Nights games.
Raids (I could be calling this the wrong name, haven't played WoW in a year, what the guy in the above screenshot is doing) looks very similar to what WoW's raids are like. PVE and kill a boss/mini-boss and roll to pick up the good loot, with the added "Need, Greed, Pass" option.
Since it's F2P, it also has microtranactions (buyable P2W [Pay 2 win] currency), called ZED. Like every other F2P game, I dont see this getting really far unless the customization is really deep and the story is done right.

The website for Neverwinter is here: http://nw.perfectworld.com/