Quite an interesting idea where you can build your own virtual world and it links to other virtual worlds. They are also talking about having web access through Flash (with the 3D support that's coming). It's not complete yet but worth keeping an eye on.
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I remember seeing this about six months ago, they had a sort of alpha going on but had too many people apply to let everyone in. Seemed like an interesting idea, though much like second life it's not really a game as such more like a set of lego if you want to have any fun you have to build everything yourself. And why bother with a cheap nasty virtual alternative when you could have the real thing or spend the same effort in say UT and make a mod for that.
To put things in perspective Raph Koster the guy behind this is also the guy behind Star Wars Galaxies. Which is either a good or a bad thing depending on your view.
I think Matt posted this up on bullet...I applied for the beta, but didn't get in.
I suppose the risk of it is that it turns into another virtual freak show like Second Life...