It sounds like it will have lore and a great storyline.
You can read a little about the plot on the main site (http://dawnoffantasy.com/
), but DoF's storyline should be a treat. It was written by Gordon Farrell. Outside of the gaming industry, Gordon has written plays and other literature and has taught narrative classes at New York University. I played a couple maps he uploaded to Age of Kings Heaven, and even then, his writing was beautiful.
And each region and race has its own lore, which has briefly been discussed here and there. I'm sure the heroes of each race will have a story of their own as well. I don't if it will be able to rival Lord of the Rings or anything, but it will be addressed.