I haphazzardly stumbled upon checking up on this at a great time. The Bioware social site is up and even appears to have project tracking in place on top of the normal player/developer/project profiles.
Very well done from what I see (albeit a few bugs still). The Dragon Age character creator is out as well, and showcases some nice facial customizations to give an idea of the flexibility of the toolset. I do hope skintones go a little darker than provided in the CC. Dark elves would have to change to really tan elves.
Ultimately, I think that will be the biggest challenge in creating a "traditional fantasy" setting in the DA Toolset, the creature pallette. Using their own IP means that Bioware will provide the custom creatures that then need to flesh out their own world. While there are some matches that can be used (Genlock = Goblin), there will be some places that noticeable differences (ogre == ogre).
All in all, reading through the toolset wiki is exciting...kid at Christmas exciting. Whatever the limitations, this is obviously the clear cut winner in a new development environment. While I highly doubt it can replace what NWN/NWN2 has come to represent, it will be nice to work with a new system for a change of pace.
Hopefully this new social site venture of Bioware's pays off for everyone involved. I think it will all come down to user buy-in, but so far they have me hooked.
Sands of Solvheil Series
Design Document for Sands of Solvheil I: The Ruins of Kazatharis
Design Document for Sands of Solvheil II: Beneath the Hearleforne
Design Document for Sands of Solvheil III: Crusaders of Shalihir