Takeaways:
There's currently no publisher. The game seems to still be in pre-production, although LeFay has been prototyping some of the systems. They're planning some sort of Kickstarter or Fig-type campaign. They're aiming for an M rating. The game is using UE4, and LeFay doesn't like Unity or C#. They want to do a physical release if the game sells well, and will probably do a console release after the PC release. They plan to do an open beta eventually. There's no composer attached yet, but the Daggerfall composer has expressed interest in being involved.
Users on their Discord have contributed in-game lore, and some of them have been elevated to the ranks of Council of Wisdom and will be included in the game as deities. Characters in the game will have an imperfect understanding of history and lore. The game's tone is more George R.R. Martin than J.R.R. Tolkien. The game's setting is an archipelago with underwater gameplay elements, and a late medieval level of technology (no firearms). There are two major kingdoms, with various smaller kingdoms that enjoy some level of independence. The game includes typical fantasy races. There will probably be alternate dimensions a la planes of Oblivion.
Combat is real time, first-person. Third-person will probably be excluded to save money. The game won't use dice rolls to determine accuracy. LeFay wanted a combat system for Daggerfall that was more skill-intensive, but ideally would allow you to choose between the skill-intensive option and the "spam left click to win" option. The game will include alchemy and spellcrafting, but they want magic to feel less mundane and rarer than fantasy RPGs typically present it. They want to support non-violent playstyles. There are no plans for advanced stealth or survival mechanics.
They've discussed using speech synthesis for voice acting, possibly just for a narrator, but it's unclear if the technology is going to be good enough. They intend to support modding. LeFay expressed an intention of using machine learning, but wasn't very specific about its uses. The game won't be an MMO, but its systems are being designed to potentially support party-based multiplayer (LeFay referenced Borderlands as an example). LeFay wants a complex economy that takes into account bandits, war, disease, player actions, etc. The goal is to make something bigger than Daggerfall, but not if that means making it feel samey or empty.