Q: What is this place?
A: It's the Middle Ages, duh.
Q: Who are we?
A: We are the people who still think the answer is 'it's the Middle Ages, duh.'
Q: What happens next?
A: We all get eaten by a dragon. Or a plague. Or a bad case of the plague-sweats. You know, the usual.
Q: What is the point?
A: To find the lost city of Eldoria, of course. Or to perfect the art of jousting. Or to eat all the pie.