Shadoe is doing the character artwork for the game project, which will be the basis for the character models or sprites. We're not sure if we're going to have 2D sprites on a 2.5D plane, or 3D sprites on a 2D plane. That much is undecided.
Anyway, to see the potential of Unity, take a look at a Sonic game that was redone by a fan using the Unity Engine.
Here is an RPG that was done using the same engine:
Credit to Shadoe for doing all of the artwork for the character creation(s) thus far. Note that these are subject to change.