What you are seeing is a screenshot from the game "Labyrinthica: The quest of lima" by Pompi Pompi Entertainment.
http://www.pompipompi.net The game is still under developement.
The game is in 3D, use DirectX9 and requires SM2.
Charcters are 3D cel shaded, while the walls(here are swamp plants) are prerendered in 3D, and in game are drawen as sprites.
There is nothing special about the shaders used here, except for the shader of the outline.
The outline is made of geometry, which make the vertex shader heavy and the pixel shader light.
In this game you play lima, and you fight your way through 30 levels. Most of them are random generated, and 3 of them are boss levels.
You aim lima with the mouse, you attack with the left mouse button. And you move with the keyboard.
You can also drink potions and throw them at enemies to have them suffer or gain the same effect you would by drinking the potions.
So if you throw a heal potion on an enemy, it will heal him.
I would really like you to try the demo and give me c&c.
Interesting, I only suggest you making / uploading a video for those who prefer to see the thing running before actually downloading / installing.