Earth Eternal has a new site, with a better look and more information. It still has the waving mushroom.
If WoW is too cartoony for you, this is a step in the wrong direction (see the screenshots). If you like the free-to-play/pay model, this is a step in the right direction (see FAQ 27). This is aiming at the MMO space that Wizard 101 and Runes of Magic are currently seeking to occupy in the Western market. The game does not look revolutionary or even particularly innovative, but it could be a fun take on the standard MMO-Diku play. It makes the good decision of letting you play through a browser or a downloadable client.
My interest in the game is significantly based on respect for Matt Mihaly and the expectation that they will bring something interesting to market. Also, my wife and I like bunnies and bears and badgers. Checking our archives, I see a two-year gap in mentioning the game since its announcement, which goes well with my recent plan of not caring about anything more than a month from release. I thought it would be out in 2008; they are currently planning on 2009; I will mention it again a month before you can actually see it (say, open beta).