Yeah this MMO has been in development/beta for a really long time now. Its already out in Korea since last November, will shortly be released in China and hopefully for the U.S and Europe, sometime near the end of this year.
The graphics engine uses a modified CryEngine i.e. the first Far Cry game, which is why it looks really good for an MMO game. Not to mention the usual Anime-esque artstyle that is prominant with Asian MMO games.
The Flight feature is what this game is known for so hopefully it does well once it is finally released worldwide. NCSoft really needs something that Western MMO fans can like, especially seeing as Lineage I and II puts many off. At least its something non-World of Warcraft players can get into.