This game rocks!
So I played the demo and bought the game.
Well. This IS and OLD SCHOOL RPG.
You have a good character creation and development system. Dungeons are handmade. Quests are well planned with some good riddle and the right use of strategy and brain to solve some situation.
You need to choose wel which skills and stats you want to develop.
You can enchant items and cast spells.
You'll find also unique treasures and some good easter egg.
Considering this is an independent game, the sound and music are good and the 800x600 resolution is really fascinating. Yes, you'll forget you are playing on 800x600. You'll feel a strange sensation of old good times when playing Ultima and Eye of the Beholder was such a good thing!
Perhaps the game could be a bit longer and the main character could have a "run mode" (the fact your character can only walk tends to be a little tiring when you have to travel through lands you have already explored).
If you are looking for a good old school rpg, just to play something different (and better) than all this new ultra gfx and sound fx empty game boxes (Oblivion, Two Worlds, etc) you'll find Eschalon Book I is what you need.