Thrones of Chaos! Except it looks more like vaporware than DFO does. It offers a lot of what DFO offers, but your characters also age, have offspring, and die, which is where you take over the character your offspring has become. So you when your toon dies your child will be even better at doing what your original character did (ie, the child of a blacksmith would have a natural knack for blacksmithing and could raise it faster and higher).

Their website isn't even up right now, so I wouldn't put any money on it, but the concept is all there. I alpha tested it before they changed their name to Mourning, and then eventually Thrones of Chaos (originally Realms of Torment) and I was too lame to stick with it (I was looking to test a finished product, and it was really bare bones at the time; players couldn't even fight back against the few monsters that were implemented...). Oh well.

[Linked Image from zandadev.com]