Well Boron, the mod will have a "traditional" fantasy setting, but it won't follow any existing fantasy universe. IF you ask why, the answer is simple. Following an existing fantasy universe means restrictions in spells and units. Restrictions = not good.
So we've decided that the first release will have 6 races: Humans, Elves, Dwarves, Orcs, Goblins, Undeads.
3 races will be "good aligned" [humans, elves, dwarves], and the other 3 races will have evil alignment. This will be important in the campaign scenario, there will be permanent alliances in it.
Later on, we plan to add more races, starting with neutral races like Gnomes and Lizardmen.
Hopefully, IW will give us the power to change the Spell names/descriptions, so that we can add many unique national summons. [AFAIK this won't be possible in the vanilla game

]
Originally we wanted at least 20-25 national summons / race or more.
Also, like I've said in a previous reply, all units will have totally new photoshopped graphics.
When time will come I will start an own thread for the mod, you can read lot of other informations about it there of course.
*edit* typo
