Apparently this has been around since 2010 and is still in an "open beta" stage and yet I just stumbled across it this morning. How could I have missed it?
Lost Empires is a Sword & Wizardry variant, with lots of gorgeous artwork and fancy schmancy page design. I like the look and feel of it, but I don't have time to dig into the content of it and see how much it varies from the Swords & Wizardry rules. It seems to have been closely meshed with a specific setting, too.
You should definitely check it out, though.