Oh, it takes place in Ardania - The same realm as the Majesty series. Haven't noticed that Paradox is building the world up as a 360 degree franchise. So, how long until we'll see a "World of Ardania" Massive Multiplayer Online Role-Playing Game?
This was in fact one of major Civ 5 mods that was like 2 GB and as we see it now they will earn some money on other peoples engine... only good thing is that they are not too serious about game.
I love the fact that they don't take themselves too seriously! I'm downloading the demo now; if this is Civ V in a fantasy setting, it will be a great addition to my collection.