Ahh, Loophole. It's been a long time since I've heard that one mentioned!
I remember being one of the few ones on this board that was looking forward to it quite a lot. The characters looked nice and stylish and I believe they were going to be heavily adventure-oriented, although there would be a pretty decent magic-system in there too, which would most likely make it rather action-oriented.
Here's their website, although it hasn't been updated in ages.