I think there's a thread for NV, but in a nutshell I'm mildly excited because Obsidian is home to the best WRPG writers in the industry at the moment. The problem of course is that they seem to take ages to finish projects and their engineering seems to be horrible (NWN2 only got good after MotB, and there's also the Alpha Protocol/Alien RPG fiasco). It's a mixed bag.
At this point, I'd want Bethesda or BioWare or maybe even Square (since they are working on Dungeon Siege 3) to buy them for their writing/scenario design talent and leave all the fancy "computer" stuff to people who know how to make playable games.
So, this could be the best written RPG of the year but it could also play horribly. Sort of like Alpha Protocol.