I am more than a little excited about this. While I would probably sacrifice small animals to a development team responsible for making a Grim Fandango sequel that does justice to the original, I'm still ecstatic about the prospect of revisiting the world crafted in Loom. This time around, the game won't be focused on the Weavers. Instead, the focus will be on the BlackSmiths and a rather unfortunate fellow by the name of Wellwrought "Rusty" Nailbender. As one of the last remaining BlackSmiths, his job is to rescue his family, his home and to meet an eccentric cast of characters.
You won't be making music in Forge. However, you'll be able to build spells with 'schematics' with the help of the protagonist's trusty gauntlet. There's also a tech demo available for the curious.
It also looks like a formal demo will be released sometime soon.
Curious to know more? Check out the AGS forum thread here.