A world very similar to earth during the middle ages. The differences including the familiar fantasy trappings, as well as the age of steam having come far too early. Gunpowder is not uncommon, and the courageous few are experimenting with electricity.
The new forms of power, both mundane and arcane, have created a lot of instability in the old power structures.
Politically: The old standards are one a precipice as individuals and organizations garner more power and influence.
Militarily: New weapons and abilities mixed with a millenia of alliances, betrayal, victims and victore has made clashes more plausible.
Socially: The fantasy races span the globe. Even in the lands of men, people of all sorts are on the move. New and old knowledge are mixing together. In some places this is welcome, in others it is resisted and on occasion it can be terrifying.