Xiu-Online reloaded is real, many people just didn't realize yet. They're having a pretty nice community already (look at forum), and it's still growing. I guess the server will go live within some weeks.
About the 3rd job, yes they will do it in a different way, but will also be added late in the game. Which means there won't be any 3rd job for the first months. Most of the server will be exactly like the old Xiu-online, but with minor changes.
This project really have a potential (depends on the community that is left in the kalonline-scene), and personally I'll definitely try this out when it opens! I believe they will give us back the old kalonline-"feeling".