It's inspired by games such as Terraria and Starbound but focused on shooting and finding items that are generated with random stats, there's a dash of survival mixed in as well. David Brevick (creator of Diablo 1/2) has created everything himself. There's also a skill tree and you level up. Here's this weekends beta stream of It Lurks Below if anyone's interested: twitch.tv/videos/250150847

It has all the same ideas that made Diablo, Diablo. Like randomly generated items, monsters with random attributes, maps, etc.

Looks pretty ordinary... will wait for feedback

Could be fun... I only watched a bit of the stream but I hope there is a lot of depth to the game. The reason I love Terraria so much is all the different layers of depth it has with all of it's secrets, bosses and items. Hopefully this game is good! With Terraria Otherworld being recently cancelled, this game could hopefully be a good replacement!

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Why not just give us the trailer? (Least i THINK this is what you're talking about, as Twitch wouldn't play anything and gave me a 'network error')

Last year i watched a GDC Diablo Postmortem talking about it. Diablo was originally going to be a rogue-like, and then got changed to more of an action adventure game, though it retained all the rogue-like elements. Some of the graphical work arounds and limits were interesting to see on how they did the design.

Because the trailer doesn't do it justice. It's a dungeon crawler with building elements. If you even remotely liked anything about Diablo there's a good chance you'll like this. Instead of Terraria where there's no real set goal, the goal is to get to the bottom and find out what's there.
The skill system is similar to Diablo 1, too, which I think is really cool. Remember how you found skills? You'll do the same here.

This looks right up my alley. I kinda feel that while Terraria and Starbound both have good progression systems, a few more RPG elements wouldn't have hurt.