Yeah, I saw the Project Offset vid and immediately thought of BOD, if they can make the gameplay as good as BOD with that engine it will seriously rock.
In the meantime, has anyone yet played Elder Scrolls IV: Oblivion? I've got this and am just totally addicted. The world is huge (get a horse - it's quicker than walking), you have much more freedom and the whole thing is 100 times more complex and detailed than BOD. The combat element is good, with both ranged (bows) and melee combat, with everything from fists upwards. You can choose to specialise in hand to hand, blade or blunt (clubs/axes/warhammers) and each one has different attacks (fast or powerful, for each of the 4 directions). The combat is also supplemented with magic as well, so you can cast fireballs, lightning, frost, or summon a skeleton to fight alongside you!
There is blood, but not as much as BOD and no mutilations, but still good enough. There are some nice weapons too and you can poison (one shot) or even enchant (permanent) weapons to make things even more interesting. Viewpoint is 1st person by default, but 3rd person is available via a single keypress (you can also change the camera distance via the mousewheel). There is no "lock target" feature however, so combat is better in 1st person. Character generation is so detailed that there are about 8 different options just for the shape of the jaw, giving an infinite variety, plus you can be any of 4 human races, 3 elf races, a feline race, a reptilian race, or an Orc - each with its own unique strengths and weaknesses.
There are dozens of mods, most of which run quite happily alongside others, and the visual and audio experience is simply stunning. No other game has made me just want to stand there in the forest listening to the birdsong as I watch the sun rise. The whole game is just beautiful. Trees blow in the wind, there's real weather - it gradually becomes more overcast before it starts raining, and sometimes you'll get a brief shower, other times you'll get a thunderstorm complete with lightning - and in the northern regions you get snow!!!
I heartily recommend it to anyone here that hasn't played it already, and if you need any more convincing, check out the reviews (and screenshots) at Gamespot. In fact, forget that - just buy it. Seriously. Do it. NOW.