Tyranny is set in a world where the traditional battle between good and evil has taken place...and evil has won. The armies of Kyros the Overlord, helped by the powerful Fatebinders, have been victorious and are now restoring order to the world and ensuring the conquered nations know their place. You play a Fatebinder and can choose to enforce Kyros's will or seek to thwart it for your own purposes.
Tyranny uses an upgraded version of the Pillars of Eternity engine and has been completely funded by Paradox (without the need for a Kickstarter). The more robust funding and the fact that the game engine was already in place allowed Obsidian to both make the game much more quickly (Pillars of Eternity was only released eighteen months ago) and focus much more on character, writing and story. Obsidian have also sought to make the game far more reactive to the choices you make in the narrative, making it more akin to the excellent Planescape: Torment (although that has its own, more direct spiritual successor out in a few months from inXile, Torment: Tides of Numenera).
Tyranny has snuck in under the radar a bit, without the full glare of monthly updates and information that Pillars of Eternity got, but it still looks like a classic, interesting and atypical CRPG from one of the best studios in the business. I'll be checking it out.
The game will be released on 10 November, which is less than a month away.