The next saga in RIFT pits players against the infamous Abyssal Cult yet again, as the "Water Saga" brings back creatures of the watery depths to inflict lunacy upon Telara's residents. Being Ascended, clearing the land of these creatures is definitely your responsibility.
The new quest chain for the Water Saga is designed to accommodate both solo players and folks who prefer small groups, a trend Trion appears to be sticking with. According to the developer, these quests will bring level 50 Ascended "face to-face with Akylios's fiercest lieutenants and shoulder-to-shoulder with legendary heroes."
Folks can snag these quests from the Faceless Man in Abyssal Precipice and Cardinal Visc in Sanctum. In terms of rewards, the Water Saga yields some new armor, and returning from the Abyss grants you a Crocnard mount. Because what's so silly about riding a giant mutant crocodile?
The new content should also shed more light on the Abyssal Cult, for lore-buffs out there. Apparently these cultists have no faces under those featureless masks of theirs -- meaning the Faceless Man is, quite literally, faceless.
You can read more about the Abyssal here.