Well, this boardgame just hit my local game store. Unfortunately, I haven't the cash to buy it. (See my trade forum posts
Basically, it's an $80 boardgame, similar to Doom the boardgame (based on the same rules) but set in a fantasy setting with much updated rules. Yes, it's really worth $80 considering the high quality materials you get.
Basically, the game comes with a large number of thick cardboard pieces that are rooms and corridors in a dungeon, these all interconnect to form a dungeon map. You layout this dungeon as per a scenario that comes with the game (or player made scenarios).
One player plays as the Overlord and basically runs the scenario/adventure and plays the monster. He also has special cards he can play that represent traps and whatnot. Unlike a true pen and paper RPG, the Overlord's task really is to defeat the players.
Up to (I think) 4 other players join in, each getting a character (out of 9 possible) with various strengths and weaknesses. They use a starting amount of gold to buy equipment from "town", these equipment pieces are cards that let the player know their effects.
With that setup done, the players place their miniatures at the start of the dungeon and make their way through. Anytime they open a new door the overlord player places any monsters or objects they see in the new room.
It's like an RPG-lite pretty much. In fact, an enterprising RPG GM can buy the game and use it for dungeon diving.