RIFT is a new MMO by Trion Worlds.
It is called the first "Premium MMO"

It is about two raging factions

The Guardians who rely on their gods to give them their ascended powers. The Guardians hate the Defiants and blame their machines for the release of the dragons power.

The Defiants who rely on their machines to bring back their ascended from death, and send them back in time to change the world. They are considered heretics, and blame the return of the Dragons on the vigil of the Guardians.

The Dragons control the planes that tear into the world of Telara. There are 6 planes. Death, Life, Water, Fire, Wind, and Earth. Regulos is the main threat to the planet and controls the Death Rifts.

PvP is both sandbox based, and Raid based.

Sandbox PvP is in what Trion alls its "Warfronts" which are Guardian vs. Defiant, and later on both sides have to worry about the other planes of existence.

Raid PvP is when groups of 20 form up and travel to the opposite factions areas and start 'raiding towns'.

RIFT is a lot like WoW in UI feel and some aspects of gameplay. From first hand experience on both games I can tell you that they are completely different games.

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RIFT prices:
Digital Standard: $49.99
Standard Box: $49.99
Digital Collector's Edition: $59.99
Collector's Edition Box: $79.99

Subscription Fee (until 3/15/11:
Monthly: $15.99/m
3 Months: $11.99/m ($35.97)
6 Months: $9.99/m ($59.94)

After that the fee plans go up by $1

Gameplay Videos:
[You must be registered and logged in to see this link.] (Codex Warfront)
[You must be registered and logged in to see this link.] (Instance 'Dungeon' Gameplay [Iron Tomb Lv. 17 Defiant dungeon])