UPDATE: Diablo 3 is OFFICIAL! Live news from the event:

12:15 — Announcement…..!! Guy playing Diablo music on an acoustic guitar…

12:18 — Footage of large scale battles, comets streaking across the sky, demons, Diablo 3 officially announced.

12:20 — Jay Wilson, lead designer on Diablo 3 coming out. He’s going to demo the game.

12:20 — It’s apparently still an action RPG. Same interface — red

health and blue orbs. Skill bar at bottom. 3/4 overhead perspective.

Character with 2 axes hacking at demons in what appears to be a foggy

cathedral. Has a jumping attack where he smashes the two axes into the

ground.

(Watch Diablo 3 trailer here)

12:21 — The axe guy is the barbarian class. Says improvements have

been made, like the hotbar for skills. Using the mouse wheel and tab

key you can quickly switch between skills. Whoing inventory. Appears to

still have slot limits. Using enchanted axes with frost and lighting

,which stuns and freezes opponents.

12:25 — Each piece of gear is custom designed for each class. Barbarian puts on demonic sort of garb with giant devil horns. Barbarian can hop across gaps on the map. Barbarian dislodged a rock wall and dropped it on zombies, killing them. Demoing moving whirlwind attack.

12:33 — Witch doctor can cast out locus swarm, which spreads between targets and deals damage. Can summon mongrel things that he can cast locust swarm on, which buffs their damage. Outdoor environment now. Quite pretty in that vibrant, slightly cartoonish Blizzard graphical style. Like with StarCraft 2 and it’s similarities to the original, Diablo 3 looks and sounds, at least at a glance, quite similar to previous games. Witch doctor also has a mass fear type of ability.

12:36 — Multiplayer will work over battle.net. Heads into a final fight against some gigantic moving trees. Final boss here, called siegebreaker assault beast, is absolutely gigantic, maybe around six or seven times taller than the player characters.

12:37 — Demo ends. The crowd roars…