From the Kickstarter page:
God of Blades is a 2.5D sidescrolling action RPG for iOS devices that vividly depicts an epic retro-fantasy, sword and sorcery saga. Players assume the role of a nameless spectral king standing resolute against the march of a devouring, void-crazed horde on a dying world. Wrenching this world from the grasp of oblivion, the player wields phantom blades forged from the legends and heritage of the vanishing planet. Emergent, physics-driven swordplay, procedurally generated nemeses, and persistent character development propel the player through lush environments crafted in the fashion of traditional Japanese narrative scrolls and 18th and 19th century moving panorama.
Jason Rosenstock, co-founder of White Whale Games, is a veteran of Bioware and Star Wars: The Old Republic.
There's a video and more info in their Kickstarter page (which, as I understand it, we're not supposed to link to). I'll email the devs to see if they can post more content. Those of us who devoured 70's SF/Fantasy (with their ridiculously awesome book covers) will likely get a big kick out this.
According to the Kickstarter video, they're looking at a Summer 2012 release.