People have to remember that there are different teams working within FunCom. As someone already mentioned it's the people behind Dreamfall, not AoC, that's working on this one. (people say the same thing wherever I look, I hope it's true) Dreamfall and the games before it was awesome so I'm actually positive to see what this game can bring.
I'm also theorizing about the possibility that this might be the browser based game made on Unity. But then, this game has been in the works for quite some time, so they might be using their own tech. Unity is awesome by the way.
Links that vaguely supports my theory. :P
FunComs new mmog a casual browser game
Unity3d Blog
http://unity3d.com/