Exhiled Kingdoms.
Found this randomly the other day after looking at old rpgs and it's great.
Old school UO/Baulders Gate/Diablo style graphics - so far it's got me hooked and version 1.0 has just been released where the dev has completed all the quests (over 80 of them) and is still adding a lot of mid-end game content.
The demo allows you to get to level 5 I think and you have about 15 areas to explore as a Warrior or Rogue (Cleric is available in the full game) - I think Mage is planned for the future and also multiplayer.
I brought it soon after playing as it was exactly what I was looking for - It's about £3-something to buy the full game but definitely worth it if you're into hack and slash old school rpgs with loot, dungeons, traps and all that good stuff.
*goes back to crawling dungeons for some better gear*