Looks like Gothic 3 - large scale RPG with some patchy art. It lacks Gothic's endearingly disproportionate characters, but otherwise they'd be pretty hard to tell apart. Heres hoping it ships in a more playable state than Gohtic 3.
I actually noticed the strange mipmapping first. Doesn't it seem like it's sort of random? Rather than becoming blurrier as it goes into the distance, it seems like patchwork, although that may be due to textures as well. All in all it looks a lot like Gothic, although the night-lighting seems better. I don't like the…