Neverwinter was announced after much rumor-mongering last year, and it is slated for a Q4 2011 release on PC.
In the teaser below, which is under two-minutes, Neverwinter has been destroyed by a volcano. Although in the process of being rebuilt, its taking a while, and in order for things to continue going well you must defend the city
The website has also gone live and it is a bevy of information.
Atari recently sold its interest in Cryptic to a Perfect World Entertainment. Screenshots are on the website linked above, or you can view them over on Koatku.