The guys at GamersInfo.net got a run through of Age of Conan’s combat system. This is definitely not your current generation type of combat. Some excerpts:

The mouse is very important in battle; you have to be able to turn and face your opponent quickly.

In the center of your screen is a radial menu with the alpha-numeric symbols Q123E. This indicates where your swing will land. Q is down and to the left. 3 swings up and high.

I mean, blood splattered all over my monitor. Scared the bajeezus out of me the first time! But I was in the middle of a frantic battle with my three party members against 3-7 enemies. Darned if I know what I did! I just know I did it!

Looks like it could be fun. Sign me up!