Game is set in 1191 AD, when the Third Crusade was tearing the Holy Land apart.

It is being developed by the same team that developed Prince of Persia: The Sands of Time.

Visit All Known Facts about Assassin's Creed to learn more about the game.

I've been watching AC closely.

I am very pleased with the dev team's decision to make it a realistic game.

All targets will be real characters from the history which means some of use will be reading about them before embarking missions to integrate ourselves into the game

The videos and screens look amazing; captures the 12th century middle east feeling perfectly. I always wanted to play a game taking place in those times. Medieval TW was great but it was a strategy game.

Looks like it will be also a free-roam game, excellent !. Jade Raymond (producer) says:

The player is free to roam the countryside, explore cities, and participate in side quests and missions to help the population or complete main Assassination missions. All of these objectives can be accomplished in a variety of ways and in the order that suits the player's mood

Third Crusade (Wikipedia)

In 1187, Saladin, Sultan of Egypt, recaptured Jerusalem. Pope Gregory VIII called for a crusade, which was led by several of Europe's most important leaders: Philip II of France, Richard I of England and Frederick I, Holy Roman Emperor. Frederick drowned in Cilicia in 1190, leaving an unstable alliance between the English and the French. Philip left, in 1191, after the Crusaders had recaptured Acre from the Muslims. The Crusader army headed down the coast of the Mediterranean Sea. They defeated the Muslims near Arsuf and were in sight of Jerusalem. However, the inability of the Crusaders to thrive in the locale due to inadequate food and water resulted in an empty victory. Richard left the following year after establishing a truce with Saladin. On Richard's way home, his ship was wrecked and he ended up in Austria. In Austria, his enemy, Duke Leopold, captured him, delivered him to Frederick's son Henry VI and Richard was held for a king's ransom. By 1197, Henry felt himself ready for a Crusade, but he died in the same year of malaria.