For the time being, I've dubbed the project Fairy, although it makes as much sense as other single word names (like Quake) do.
Granted, it is a very raw prototype and doesn't even have full suite of planned mechanics but if someone is bored enough to check it out, I'll appreciate any feedback.
In short, the project is intended to be a blend of FROM games (primarily core souls games) with some inspiration from earlier titles like Kings Field, combat largely inspired by Dark Messiah of Might and Magic - all packed in retro visuals.
For more details about the ideas, what's currently included and what's planned, please refer to the project page.