This is a new MMO that I have only just found out about. It should be released sometime in Q1 2015. Currently its in pre-alpha.
The reason I had never heard about it until now is because it is an indie MMO from Europe being made by a small publishing house. It's been in the works for 5 years now, and recently its been green-lighted by steam.
This game is a realistic medieval MMO, sandbox, full PVP loot, 100% player run economy/factions/alliances. Incredibly detailed skill/crafting system. There's NO TARGETING. You aim to swing, you block with your shield, similar to Skyrim. There's a physics based damage system. It matters where you get hit on your body, and with what (eg. you could break a leg or rib from a blunt weapon, or take a slashing wound from a sword, and more..) ITS HARDCORE! The best thing about it though is the w-PVP ... you REALLY need to read about the 'alignment' system!
Its called Life is Feudal. Here is a promo trailer:
If you want to read about all of the key features more in depth, read about them here: http://lifeisfeudal.com/Key-features
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PLEASE SUPPORT THESE DEVELOPERS!! FINALLY THERE'S A GOOD MMO ON THE HORIZON!