This is BioWare's first MMO and considered a sequel to their (and Obsidian's) Knights of the Old Republic games. It's set some 300 years after KotOR 2 (some 3500 years before the Star Wars movies) and revolves around a massive war between the jedi and the sith, or something of that nature.
Details are still sketchy, but BioWare says that they're making it unique compared to other MMOs by having a heavy focus on story. One example of this is that players can have a companion throughout the game similar to the companions in previous BioWare games, someone with whom your character can develop a relationship.
No details yet on classes or races, or on how the combat will work, or even when it'll be released (earlier speculation was that they were shooting for late 2009, but it'll probably be later than that).
One little tidbit that I've picked up that I found interesting is that you can, apparently, play a sith either evil or try and be good from within (and similarly you can play a jedi as good or be an evil bastage).
There's a number of sites with details and information already up. Most importantly the official site just went live together with the big press event: http://www.swtor.com/
[url=http://uk.pc.ign.com/articles/922/92211 ... l:6t1p6e7h]IGN has an article on the game[/url:6t1p6e7h]
[url=http://uk.gamespot.com/pc/rpg/starwarst ... 1:6t1p6e7h]GameSpot has a video interview up[/url:6t1p6e7h]
And there's several live blogs which blogged the press event (one of them still going as I type):
- [url=http://www.1up.com/do/newsStory?cId=3170784:6t1p6e7h]1Up.com live blog[/url:6t1p6e7h]
- [url=http://www.videogaming247.com/2008/10/2 ... /:6t1p6e7h]VideoGaming 24/7 live blog[/url:6t1p6e7h]
- [url=http://kotaku.com/5066767/lucasarts-mas ... g:6t1p6e7h]Kotaku live blog[/url:6t1p6e7h]
Now we just need to figure out how to fit Eilistraee in that setting.... hmmm, a covert religion within the ranks of the Sith trying to turn to goodness (though not necessarily become jedi, but good while in touch with their emotions)?

I'll keep you updated as more details are revealed.
[EDIT] Some more links:
[url=http://uk.pc.gamespy.com/pc/bioware-mmo ... 0:6t1p6e7h]Article at GameSpy[/url:6t1p6e7h]
[url=http://nwn.bioware.com/forums/viewtopic ... 1:6t1p6e7h]BioWare's Official Announcement[/url:6t1p6e7h]
[EDIT 20081022]
[url=http://www.videogaming247.com/tag/star- ... /:6t1p6e7h]VideoGaming247 has a page[/url:6t1p6e7h] with collected articles (on their site), though most of them are short one-off statements there's still some decent stuff to glean here and there.
[EDIT2 20081022]
And more links:
[url=http://www.geeksugar.com/2394843:6t1p6e7h]GeekSugar article about the announcement[/url:6t1p6e7h]
[url=http://www.shacknews.com/featuredarticl ... 3:6t1p6e7h]ShackNews interview with lead writer[/url:6t1p6e7h]
[url=http://www.escapistmagazine.com/news/vi ... d:6t1p6e7h]Escapist Magazine article on the announcement[/url:6t1p6e7h]
[url=http://kotaku.com/5066929/star-wars-the ... r:6t1p6e7h]"What We Know So Far" article at Kotaku[/url:6t1p6e7h]
[EDIT 20081023]
Two more links:
[url=http://uk.pc.ign.com/articles/922/92265 ... 6:6t1p6e7h]IGN continues coverage with story details[/url:6t1p6e7h]
[url=http://www.tentonhammer.com/node/47132:6t1p6e7h]Interview at TenTonHammer[/url:6t1p6e7h]
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