Though many MMOs have promised similar things to InSomnia and failed to deliver on them (a strong focus on a constantly changing story that directly affects player characters over time with an overreaching narrative arc that directly affects the game world), not many of those MMOs have been based so obviously on traditional Western RPGs, rather than MMORPGs.
The gameplay in InSomnia appears to be influenced by Fallout with a top down perspective more common to action RPGs such as Diablo and Torchlight than World of Warcraft—a point that Studio Mono repeatedly stress in their Kickstarter manifesto. Details on the gameplay are relatively scarce beyond the combat being in real time, and skill distribution being vitally important.
The other most obvious influence is that of Bioshock—InSomnia’s logo flatters Bioshock’s to the utmost degree, and a similar art deco motif can be seen in the typography of the images as well snippets of the architecture that are visible in some snatches of gameplay in the Kickstarter video. An apocalyptic setting for an MMO is also an interesting one, for it is a setting that relies heavily on isolation.
The prospect of an MMO with more traditional RPG gameplay (including a focus on playing by yourself or with just one or two friends in co-op quests) and a strong focus on aesthetic narrative is certainly an exciting one. It brings something different to a flatter-filled MMORPG market. You can check out the Kickstarter here. Studio Mono have fleshed out some details in the comments section.