That thing was "under development" for years. It's vaporware-ness is close to Duke Nukem Forever proportions.
Hellgate: London was announced in April 2005. Confirmed release date is Oct/Nov 2007. That's about 2-3 years.
DNF was announced in April 1997. No confirmed release date. So 10+ years with no end in sight.
(Diablo II was announced in Sept 1997. Scheduled for a late 1998 release, but got delayed until 2000. That's still 2-3 years from announcement to release.)
I don't think they have much in common
Loki is made by Cyanide Software. Creator of various sports games such as Pro Cycling Manager and Horse Racing Manager. Plus a RPG/RTS called Chaos League, that I've never heard of before. I really doubt there's any ex-Blizzard employees there. Maybe some janitor, but that's pushing it.
Can't say much about Loki itself, since the main menu is bugged for me (screen is white and no menu is displayed).