This game looks amazing, visually and in concept, but how is the combat played out? I watched a developer video, and it almost seemed like the combat was like point and click ala runescape. I also read that you could change the camera angle to over the shoulder, so would that make combat sorta like in Oblivion?

You can choose the camera angles from either an OTS view or a wide range, panoramic view ala Neverwinter Nights (since it is made from the same engine). And yea, combat is based on a point click system. Once there are certain visual cues, you click again to launch the second combo of the attack. Click too fast, and the combo ends. Click too slow, and you leave yourself open to an attack.

and some of the moves are bloody hektik