Sarah Newton (well known for a zillion works, but especially for her Mindjammer novel and her Achtung! Cthulhu line of supplements) has been working since last year on a very innovative set of rules that will fill the gap between Old School and, er, new school (do they have a name?) role-playing games.
This new role-playing game is called Monsters & Magic, and I have been lucky enough to be involved in its play tests since the very beginning. I can guarantee that the system is terrific, very scalable, and that it will appeal to grognards and sophisticated gamers alike.
The extra bonus is that Sarah has striven to keep M&M backwards compatible with the most popular fantasy role-playing game, meaning that you will be able to re-use all the heaps of modules and supplements that you've been accumulating for years, as well as all the great stuff that the OSR movement is publishing these days.
M&M will be published by Sarah's own Mindjammer Press, and will be printed and distributed by Chronicle City [if I have understood the press release correctly].
An additional bonus is that M&M will feature great art (look at the gorgeous cover by Jason Juta!) and... British spelling!