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Came from this link.
Doesn't seem to be much out there on what the gameplay will be exactly, but wow the engine it uses to create a earth sized in game world is pretty awesome.
Just found out some more, the game is now in Pre Alpha stage, which you can get here http://www.outerra.com/forum/index.php?topic=637.0 for $15. Basicly its a empty planet earth and the goal of the game is to start from scratch colonizing the planet building civilization and etc. there will be a single player mode and a mulitplyaer mode.