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Like title says - Black Desert Online mmorpg. in development.
Curtesy of Steparu (Steparu.com)
"Black Desert Online is an upcoming MMORPG currently in development by a new company called Pearl Abyss. The company is founded by the original producer of Continent of the Ninth, so you guys will be in for a treat when you see the trailer below. The latest trailer showcases Black Desert's very fluid action combat system, amazing scenery, unbelievable PhysX detail, very detailed bosses, and best of all large scale siege battles. I would definitely recommend checking out the latest trailer below, this game looks so awesome!"
There are some rumors it is sandbox, but I could not confirm it - so it might not be. Don't get your hopes up prematrely sandboxers.
Here is trailer (BEWARE - it seems that it is made of some low-res videos and 'HD' option is upscalled low-res material so it is NOT really high resolution).