GM-ing: A Pathfinder game set in Golarion, where everyone in the party is a member of the "Black Ops" division of the Andoran Eagle Knights. They just finished "Act I," where they prevented a conspiracy to disrupt the annual trade festival and throw the government into chaos. The Red Mantis and agents from Cheliax played key roles in the conspiracy. Currently on hiatus.
Playing: A GURPS game as a court noble / fencer, thrown into a life of adventuring by disavowing a corrupt chamberlain and being exiled. The setting is sort of a "Riftwar Saga meets Underworld," with vampires playing a big role as the enemy.
Creating: A homebrew world set in a far-future, mythical real-world Earth. The setting is designed to be fairly dark, with only a single small area of known world, and entire areas/regions uninhabitable due to magical disruption/demonic presence. The key plot point is there is group of scholars, mages, and dignitaries that have all banded together to form an elite political consortium, dedicated to revealing the truth of what actually happened to destroy the world, and rebuild civilization.
Along with the world, I'm sort of "fiddling" with a new system I've created on my own, incorporating elements from a variety of sources (D&D, FATE, Savage Worlds, The One Ring, Runequest). It's designed to be a fairly low-magic, "realistic" system, with just enough "give" to allow for a "heroic" feel. It's still a ways off from being ready to playtest though, probably won't get to that until end of summer/early fall.