https://youtu.be/i6E2f6yLw6U
I actually had a sneaking suspicion this was tied in with Ultima Underworld before looking up who was involved, but honestly this trailer doesn't fill me with much enthusiasm. Then again, I just recently got the original Ultima Underworlds during one of the sales, so I'm not sure how those hold up either.

Ultima Underworld is still fantastic. If they changed the graphics and added controls "à la FPS" nobody would notice its age, and I bet they would even say it is much better than the Elder Scrolls.

About Ascendant... I share your concerns. It is progressing so slowly doubts must arise.