Been tracking this project for a while, and today it has finally marked it's first release.
http://www.academagia.com/
In a nutshell, it's a Magic Academy simulator. Study, explore, interact: lots of texts with some still images. Appears to be heavily influenced by Japanese VN's (although completely non-linear by design with some pretty heavy RPG elements thrown in) and the infamous Harry Potter series.
Haven't bought my copy yet, as I'm rather dry on funds now, so can't comment on how fun the actual game is...