This is a very interesting looking project, soon to release its first beta.  Here's the features list:

*5 Races To Choose From, Each Representing A Different Level Of Starting Difficulty
*A Vast Dungeon To Explore
*Dungeon Has Many Distinct Areas, Such As
 -Infested Storage
 -Catacombs, Haunted Catacombs
 -Abmondaded Mines, Flooded Mines
 -Dark Prision, Lava Tunnels
 -Many, Many More
*Teleporters, Traps, Puzzles, Secrets
*Areas Underwater, Poisons Gas, Fog, Anti-Magic
*Automap System Based On Skill Level
*Many Languages Based On Skill Level - Helpfull For Solving Puzzles
*15 Different Skills With 20 Levels Each
*5 Natural Abilities With 6 Levels Each
*Monster Compendium Based On Skill Level
*Rich Graphics, Sounds, Music, Particle Systems
*44 Spells Across 4 Schools Of Magic
*Tons Of Player Statistics
*Trophy System For Achieving Great Feats
*Dozens Of Quest
*Turn Based Combat

Check out http://www.darklightdungeon.com/ for more info.

Darklight Dungeon Screenshots:

At any rate, it's looking sufficiently like Dungeon Master to make me interested.