Demon’s Souls is an upcoming RPG for the PS3 by From Software, the same people that make Armored Core games. They were also the same company that made the Kings Field series. I’m hoping that this game ends up feeling more along the lines of Oblivion than Kings Field, though. A 2 second animation to swing your sword would be nice and all but hopefully they’ve learned a few things since their PS1 days. I am cautiously optimistic, as I was a fan of Kings Field and this is going to be a sort of spiritual successor. More to come on this at TGS in a week.
There is a little more information about Demon’s Souls over at 1up.com