Today's announcement is a huge disappointment for me personally. I've been following the progress of this game for over two years (it has gone under various guises, such as UO2.0).
The last thing I ever expected was a class and level based skill system, private zones, and playable elves, pixies and fuzzies. It's a terrible let-down. I just hope that we hear something else from the event before the end of the day that changes my mind.