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It's an MMO PLUS single player campaign and optional private servers
From the FAQ: "There will be public servers that we host for the main universe/game. The universe is going to be a persistent living entity, where your actions, (discovering a jump point and successfully navigating its jump for the first time, designing a ship for sale in the online shops, winning a key in-game battle etc.), will be woven into the history and lore of the game. We really want the universe to be shaped, both by your actions and created user content… to really embrace the passion and creativity of the core fans. A central server system for the persistent universe will be required to assure security, prevent cheating and other bad behavior. We also plan to provide a version that allows private servers similar to Freelancer to be maintained and run by the pilot communities. These would support single and multiplayer space combat battles where teams could hone their skills without having to use the public servers."
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The Deep Web is sca-ry.
Is Star Citizen an MMO?
No! Star Citizen will take the best of all possible worlds, ranging from a permanent, persistent world similar to those found in MMOs to an offline, single player campaign like those found in the Wing Commander series. The game will include the option for private servers, like Freelancer, and will offer plenty of opportunities for players who are interested in modding the content. Unlike many games, none of these aspects is an afterthought: they all combine to form the core of the Star Citizen experience.
http://www.robertsspaceindustries.com/draft-faq/
yeah, it will take the best of all possible worlds, because the dated MMO term isn't enough to describe the concept.
Therefore, it's not just a space MMO
There is already a thread for this. You can find it here: http://www.mmorpg.com/discussion2.cfm/thread/367388/Its-official-Star-Citizen-will-not-be-a-MMO.html
Please keep your discussion there.