The closest that I think you can get is Sacred 2. It doesn't have the pointed quests though, being almost an complete sandbox game rather than as specific with where you go with quests.
However, another game that is a lot like Champions of Norrath but with a different theme is Marvel Ultimate Alliance and Marvel Ultimate alliance 2, with the former being the most like Champions of Norrath.
In addition, Untold Legends has some elements, though it's different enough to make me go...meh.
A different type of Action/RPG, but with skills that go up to level 4 is Mass Effect, but it's more of a combination of First Person Shooter/RPG.
Coming soon is Dungeon Siege 3, which probably will be in the same vein, though since it isn't out yet, it's impossible to tell how much like the other games it will be.
Finally, there are rumors that Diablo 3 has gotten pushed back, in part, due to Blizzard looking into releasing it on Consoles as well (so when it was going to be mid - 2011, it's now going to be at least early 2012 at the earliest).