Interesting...this sounds a bit like Terraria, only harsher and an MMORPG. Make sure to check the interview with one of the designers for a better idea of the game (the trailer looks nice but doesn't tell you much).
Basically, permadeath, crafting/building, colonist style in an open world with other players. Mmm....I may play this.
http://www.rockpapershotgun.com/2011/08 ... is-spooky/