Must admit, I've been eyeballing this one closely since I ran across it. It definitely looks like it's worth some time investment. They're promising complex, detailed character development, customizeable equipment, and a lot more.
Did we mention the screenshots look real nice, too?
Looks sorta like a cross between anarchy online, neocron, tabula rasa, and some others.
PS: They're promising mecha too... big ones
PSS: Beta signups are open, in case anyone missed it. http://www.play-earthrise.com/index.php